Bill Text: NY A01347 | 2021-2022 | General Assembly | Introduced

New York Assembly Bill 1347 (Prior Session Legislation)

Introduced

Bill Title: Relates to interest on indebtedness incurred by taxpayers to pay for higher education.

Spectrum: Partisan Bill (Democrat 30-0)

Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A01347 Detail]

Download: New_York-2021-A01347-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          1347

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     January 8, 2021
                                       ___________

        Introduced  by  M.  of  A. MAGNARELLI, BUTTENSCHON, ENGLEBRIGHT, HUNTER,
          COLTON,  DICKENS,  SIMON,  SANTABARBARA,  ZEBROWSKI,  THIELE,  STIRPE,
          TAYLOR, PICHARDO, COOK, ABBATE, CRUZ, GUNTHER, STERN, ABINANTI, GALEF,
          STECK,  HYNDMAN,  GRIFFIN,  FALL,  DILAN,  WEPRIN, FERNANDEZ, LUPARDO,
          DARLING -- Multi-Sponsored by -- M. of A. DE LA ROSA -- read once  and
          referred to the Committee on Ways and Means

        AN  ACT  to  amend  the tax law, in relation to interest on indebtedness
          incurred by taxpayer to pay for higher education

          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) Interest on indebtedness incurred by the taxpayer solely  to  pay
     4  qualified  higher  education  expenses  to  the  extent such interest is
     5  deductible, in accordance with Title 26 U.S.C. § 221,  for  federal  tax
     6  purposes, but not to exceed two thousand five hundred dollars.
     7    § 2. This act shall take effect immediately and shall apply to taxable
     8  years beginning on and after January 1, 2022.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01769-01-1