Bill Text: NY A03333 | 2025-2026 | General Assembly | Introduced

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Bill Title: Provides for the deduction of student loan interest from federal adjusted gross income.

Spectrum: Partisan Bill (Democrat 11-0)

Status: (Introduced) 2025-01-27 - referred to ways and means [A03333 Detail]

Download: New_York-2025-A03333-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3333

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 27, 2025
                                       ___________

        Introduced  by M. of A. DINOWITZ, TAPIA, SIMON, JACOBSON, TAYLOR, GIBBS,
          ROSENTHAL, ZINERMAN, McMAHON, KELLES, HUNTER -- read once and referred
          to the Committee on Ways and Means

        AN ACT to amend the tax law, in relation to providing for the  deduction
          of student loan interest from federal adjusted gross income

          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 48 to read as follows:
     3    (48)  an  amount equal to the interest paid by the taxpayer during the
     4  taxable year on any qualified  education  loan  to  the  extent  and  as
     5  provided in 26 USC § 221.
     6    § 2. This act shall take effect immediately and shall apply to taxable
     7  years beginning on and after January 1, 2026.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05603-01-5