Bill Text: NY S02502 | 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 2-0)

Status: (Introduced) 2025-01-21 - REFERRED TO BUDGET AND REVENUE [S02502 Detail]

Download: New_York-2025-S02502-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2502

                               2025-2026 Regular Sessions

                    IN SENATE

                                    January 21, 2025
                                       ___________

        Introduced  by Sens. GOUNARDES, ADDABBO -- read twice and ordered print-
          ed, and when printed to be committed to the Committee  on  Budget  and
          Revenue

        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