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The income phase-out ranges for eligibility for the student loan interest deduction increases to $50,000 to $65,000 for individual taxpayers and to $100,000 to $130,000 for married taxpayers mail order gourmet foods filing joint returns. Repealed is the restriction that voluntary payments mail order gourmet foods of interest are not deductible. These provisions are effective after Dec. 31, mail order gourmet foods 2001. Tax benefits for governmental bonds for public school construction. These benefits are effective for bonds issued after Dec. 31, 2001. A deduction for college tuition. This provision allows an above-the-line deduction for college tuition expenses. It is intended to help low- and middle-income families pay for college. In 2002 and 2003, individuals with adjusted gross income of $65,000 ($130,000 in the case of a joint return) may deduct $3,000; in 2004 and 2005, for individuals with adjusted gross income of $65,000 ($130,000 in the case of a joint return), $4,000; in the case of a taxpayer with adjusted gross income that does not exceed $80,000 ($160,000 in the case of a joint return) the deduction amount would be $2,000.
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