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