Bill Text: NY A02440 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a reduction of federal adjusted gross income, for state personal income tax purposes, for student loan interest payments made by taxpayers.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A02440 Detail]

Download: New_York-2019-A02440-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2440
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 22, 2019
                                       ___________
        Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
          tee on Ways and Means
        AN ACT to amend the tax law, in relation to establishing a reduction  of
          federal adjusted gross income, for state personal income tax purposes,
          for student loan interest payments made by taxpayers
          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)(A)  The  difference between the interest paid on student loans by
     4  the taxpayer and the amount of such interest deducted by  such  taxpayer
     5  to  calculate  his  or  her federal adjusted gross income, not to exceed
     6  five thousand dollars.
     7    (B) For the purposes of this paragraph, "student loan" shall have  the
     8  same  meaning  as ascribed to such term by subparagraph (B) of paragraph
     9  forty-two of this subsection, as added by chapter four hundred fifty-six
    10  of the laws of two thousand seventeen.
    11    § 2. This act shall take effect immediately, and shall  apply  to  the
    12  taxable year in which it shall take effect and to all subsequent taxable
    13  years.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00403-01-9