S07404 Summary:

BILL NOS07404
 
SAME ASSAME AS A10635
 
SPONSORSTAVISKY
 
COSPNSRMONTGOMERY
 
MLTSPNSR
 
Amd S612, Tax L
 
Provides for a personal income tax deduction for student loan payments.
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S07404 Actions:

BILL NOS07404
 
05/09/2012REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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S07404 Floor Votes:

There are no votes for this bill in this legislative session.
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S07404 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7404
 
                    IN SENATE
 
                                       May 9, 2012
                                       ___________
 
        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment 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 39 to read as follows:
     3    (39)  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, 2013.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15773-01-2
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