S02502 Summary:
| BILL NO | S02502 |
| SAME AS | No Same As |
| SPONSOR | GOUNARDES |
| COSPNSR | ADDABBO |
| MLTSPNSR | |
| Amd §612, Tax L | |
| Provides for the deduction of student loan interest from federal adjusted gross income. | |
S02502 Actions:
| BILL NO | S02502 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/21/2025 | REFERRED TO BUDGET AND REVENUE | |||||||||||||||||||||||||||||||||||||||||||||||||
S02502 Text:
Go to topSTATE 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