Bill Text: NY S04603 | 2017-2018 | General Assembly | Introduced
Bill Title: Provides for a personal income tax deduction for student loan payments.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04603 Detail]
Download: New_York-2017-S04603-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4603 2017-2018 Regular Sessions IN SENATE February 21, 2017 ___________ Introduced by Sens. COMRIE, ADDABBO, FELDER, HAMILTON, LATIMER, MONTGOM- ERY, PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to authorizing a personal income tax deduction for student 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) Payment not in excess of five thousand dollars actually paid by 4 an eligible borrower for student loan repayment, to the extent not 5 deductible in determining federal adjusted gross income and not reim- 6 bursed. For the purposes of this paragraph, the following terms have 7 the following meanings: 8 (i) "Student loans" means any indebtedness incurred by the taxpayer 9 solely for any qualified education loan to the extent provided in 10 section 221 of the Internal Revenue Code. 11 (ii) "Eligible borrower" shall mean a taxpayer who has incurred 12 indebtedness on student loans as defined in subparagraph (i) of this 13 paragraph on behalf of the taxpayer, the taxpayer's spouse, or any 14 dependent of the taxpayer as of the time the indebtedness was incurred. 15 § 2. This act shall take effect immediately and shall apply to taxable 16 years beginning on or after January 1, 2018. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00399-01-7