Bill Text: NY A00862 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides for a personal income tax deduction for student loan payments.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A00862 Detail]

Download: New_York-2019-A00862-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                           862
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 11, 2019
                                       ___________
        Introduced  by M. of A. SIMOTAS -- read once and referred to the Commit-
          tee on Ways and Means
        AN ACT to amend the tax law,  in  relation  to  authorizing  a  personal
          income  tax deduction for student loan payments
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (c) of section 612 of the tax law is amended  by
     2  adding a new paragraph 44 to read as follows:
     3    (44)  Payment  not in excess of five thousand dollars actually paid by
     4  an eligible borrower for student  loan  repayment,  to  the  extent  not
     5  deductible  in  determining  federal adjusted gross income and not reim-
     6  bursed. For the  purposes of this paragraph, the  following  terms  have
     7  the following meanings:
     8    (i)  "Student  loans"  means any indebtedness incurred by the taxpayer
     9  solely for any qualified  education  loan  to  the  extent  provided  in
    10  section 221 of the Internal Revenue Code.
    11    (ii)  "Eligible  borrower"  shall  mean  a  taxpayer  who has incurred
    12  indebtedness on student loans as defined in  subparagraph  (i)  of  this
    13  paragraph  on  behalf  of  the  taxpayer,  the taxpayer's spouse, or any
    14  dependent of the taxpayer as of the time the indebtedness was incurred.
    15    § 2. This act shall take effect immediately and shall apply to taxable
    16  years beginning on or after January 1, 2020.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01394-01-9
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