Bill Text: NY S03105 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a personal income tax deduction for the interest paid on student loans by individual taxpayers having a federal adjusted income of between $65,000 and $125,000, and married taxpayers filing jointly having a federal adjusted income of between $130,000 and $250,000.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S03105 Detail]

Download: New_York-2019-S03105-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3105
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 4, 2019
                                       ___________
        Introduced  by  Sen.  BIAGGI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
        AN ACT to amend the tax law, in relation to establishing a reduction  of
          certain  taxpayer's  federal adjusted gross income, for state personal
          income tax purposes, for student loan interest payments  made  by  the
          taxpayer
          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) (i) For a taxpayer who files singly or as the head of a house-
     4  hold with a federal adjusted income, without the deduction of any inter-
     5  est  paid on student loans, of not less than sixty-five thousand dollars
     6  nor more than eighty thousand dollars, the difference between the inter-
     7  est paid on student loans by the taxpayer, is an amount  not  to  exceed
     8  two  thousand  five  hundred  dollars,  and  the amount of such interest
     9  deducted by such taxpayer to calculate his or her federal adjusted gross
    10  income; and
    11    (ii) For a taxpayer who files singly or as the  head  of  a  household
    12  with  a  federal  adjusted gross income of not less than eighty thousand
    13  dollars, nor more than one hundred twenty-five thousand dollars,  inter-
    14  est,  in an amount not to exceed two thousand five hundred dollars, paid
    15  on indebtedness incurred from a student loan; and
    16    (iii) For married taxpayers filing jointly  with  a  federal  adjusted
    17  gross  income,  without  the  deduction  of any interest paid on student
    18  loans, of not less than one hundred thirty thousand  dollars,  nor  more
    19  than  one  hundred  sixty  thousand  dollars, the difference between the
    20  interest paid on student loans by the taxpayers, is  an  amount  not  to
    21  exceed  two thousand five hundred dollars, and the amount of such inter-
    22  est deducted by such taxpayers to calculate their federal adjusted gross
    23  income; and
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02308-01-9
        S. 3105                             2
     1    (iv) For married taxpayers filing  jointly  with  a  federal  adjusted
     2  gross  income  of  not less than one hundred sixty thousand dollars, nor
     3  more than two hundred fifty thousand dollars, interest, in an amount not
     4  to exceed two  thousand  five  hundred  dollars,  paid  on  indebtedness
     5  incurred from a student loan.
     6    (B)  For the purposes of this paragraph, "student loan" shall have the
     7  same meaning as ascribed to such term by subparagraph (B)  of  paragraph
     8  forty-two of this subsection, as added by chapter four hundred fifty-six
     9  of the laws of two thousand seventeen.
    10    §  2.  This  act shall take effect immediately, and shall apply to the
    11  taxable year in which it shall take effect and to all subsequent taxable
    12  years.