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S02798 Summary:

BILL NOS02798
 
SAME ASSAME AS A00862
 
SPONSORCOMRIE
 
COSPNSRADDABBO, FELDER, MONTGOMERY, PARKER
 
MLTSPNSR
 
Amd 612, Tax L
 
Provides for a personal income tax deduction for student loan payments.
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S02798 Actions:

BILL NOS02798
 
01/29/2019REFERRED TO BUDGET AND REVENUE
01/08/2020REFERRED TO BUDGET AND REVENUE
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S02798 Memo:

Memo not available
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S02798 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2798
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    January 29, 2019
                                       ___________
 
        Introduced  by Sens. COMRIE, ADDABBO, FELDER, MONTGOMERY, PARKER -- 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 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 44 to read as follows:
     3    (44) 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, 2020.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01394-01-9
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