Word: taxingly
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Dates: during 1990-1999
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Through 1998, only $1,000 was deductible from federal income tax. This year, the maximum deduction is $1,500 and by 2001 it will be $2,500, about the amount of interest on a $30,000 loan that charges 8 percent interest. The deductions only apply during the first five years of repaying the loan...
...idea of a full tax deduction had been proposed in the state legislature three times before but met objections to its $14 to $16 million cost, Jacques said...
Originally, the program was to offer an additional deduction on state income tax to make up for the interest that was not deductible from federal income taxes...
...budget signed this month by Gov. A. Paul Cellucci allows students and parents to deduct a percentage of the interest on undergraduate student loans from their state income tax. The cut exists for the entire length of the debt as long as the debtor lives in the Commonwealth...
...years, the state has copied the Federal government's model. The tax deduction was capped at $1,000 in cumulative savings over the first five years of repayment...