Bill Text: NY A06909 | 2017-2018 | General Assembly | Amended

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Bill Title: Establishes an adjustment of income for certain taxpayers equal to the amount of principal and interest paid by the taxpayer on certain educational loans.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-03-28 - print number 6909a [A06909 Detail]

Download: New_York-2017-A06909-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6909--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     March 24, 2017
                                       ___________
        Introduced  by  M.  of  A.  LUPINACCI  --  read once and referred to the
          Committee on Ways and Means --  committee  discharged,  bill  amended,
          ordered reprinted as amended and recommitted to said committee
        AN  ACT to amend the tax law, in relation to an adjustment of income for
          educational 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 42 to read as follows:
     3    (42) In the case of a taxpayer owing money  on  an  educational  loan,
     4  there  shall  be allowed an adjustment for the taxable year of an amount
     5  equal to the principal and interest paid  by  the  taxpayer  during  the
     6  taxable year on any educational loan incurred at an institution of high-
     7  er  education.    The maximum adjustment allowed in a given taxable year
     8  shall be as follows:
     9    (A) eight thousand dollars for  resident  married  individuals  filing
    10  joint returns and resident surviving spouses;
    11    (B) six thousand dollars for resident heads of households; and
    12    (C) four thousand dollars for resident unmarried individuals, resident
    13  married  individuals  filing  separate  returns and resident estates and
    14  trusts.
    15    A taxpayer shall be eligible for the adjustment only  if  his  or  her
    16  income is at or below the following amounts:
    17    (A)  one  hundred sixty thousand dollars for resident married individ-
    18  uals filing joint returns and resident surviving spouses;
    19    (B) one hundred twenty thousand dollars for resident heads  of  house-
    20  holds; and
    21    (C)  eighty thousand dollars for resident unmarried individuals, resi-
    22  dent married individuals filing separate returns  and  resident  estates
    23  and trusts.
    24    For purposes of this paragraph:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10408-02-7
        A. 6909--A                          2
     1    (A)  "Educational  loan"  shall  have  the same meaning as provided by
     2  subdivision four of section six hundred twenty of the education law;
     3    (B)  "Institution  of higher education" shall have the same meaning as
     4  provided by paragraph three of subsection (t) of section six hundred six
     5  of the tax law.
     6    § 2. This act shall take effect immediately and apply to taxable years
     7  beginning on and after January 1, 2017.