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Practical manual for Income Tax 2023.

For the payment of interest on loans for undergraduate, master's and doctoral studies

Regulations: Art. 12 bis Revised Text of the legal provisions of the Community of Madrid on taxes transferred by the State, approved by Legislative Decree 1/2010, of October 21

Amount of deduction

  • The amount of the interest paid during the period corresponding to loans obtained to pursue university studies in any of the three cycles (Bachelor's, Master's and Doctorate) referred to in article 37 of Organic Law 6/2001, of December 21, on Universities.

    Precision: Organic Law 6/2001, of December 21, on Universities has been repealed, with effect from April 12, 2023, by the sole repealing provision 1.a) of Organic Law 2/2023, of March 22, on the University System.

    Therefore, the references made in article 12 bis of the Consolidated Text of the legal provisions of the Community of Madrid on taxes ceded by the State to article 37 of Organic Law 6/2001 must be understood as being made to article 9 of Organic Law 2/2023, of March 22, which maintains the three cycles of official education (Bachelor's Degree, Master's Degree and Doctorate).

  • The amount of interest paid during the period for loans obtained for the completion of studies that allow obtaining a Master's degree from the entity that organizes it, provided that said entity also provides training that allows obtaining an official degree of those regulated by article 35 of Organic Law 6/2001, of December 21.

    Precision: Organic Law 6/2001, of December 21, on Universities has been repealed, with effect from April 12, 2023, by the sole repealing provision 1.a) of Organic Law 2/2023, of March 22, on the University System.

    Therefore, the references made in article 12 bis of the Consolidated Text of the legal provisions of the Community of Madrid on taxes ceded by the State to article 35 of Organic Law 6/2001 must be understood as being made to article 8 of Organic Law 2/2023, of March 22, which regulates official university degrees.

Requirements for applying the deduction

  • The deduction will be applicable by whoever is obliged to pay such interest provided that the loan has been granted for the completion of studies by:

    • - the taxpayer himself,

    • - your spouse or,

    • - any of the descendants for whom you have the right to apply the minimum for descendants or to whom you pay annual alimony that enjoy the application of the specialties referred to in articles 64 and 75 of the Personal Income Tax Law .

  • It must be loans granted by one of the credit institutions provided for in article 1 of Law 10/2014, of June 26, on the regulation, supervision and solvency of credit institutions, without prejudice to the fact that the granting of the loan has been managed through public programs or agencies.

    According to article 1 of Law 10/2014, the following are credit institutions:

    • a) Authorized companies whose activity consists of receiving deposits or other repayable funds from the public and granting credits on their own account.

      For the purposes of this letter, the following are considered credit institutions:

      • - The banks.

      • - Savings banks.

      • - Credit unions.

      • - The Official Credit Institute.

    • b) The authorized companies referred to in article 4.1.1.b) of Regulation ( EU ) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements of credit institutions, and amending Regulation ( EU ) No. 648/2012.

  • Taxpayers who intend to apply the deduction must have stated the destination of the funds in the loan or credit contract signed and prove said destination through the appropriate supporting documents .