STATE OF NEW YORK
________________________________________________________________________
3742
2019-2020 Regular Sessions
IN ASSEMBLY
January 31, 2019
___________
Introduced by M. of A. MAGNARELLI -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to interest on indebtedness
incurred by taxpayer to pay for higher education
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 43 to read as follows:
3 (43) Interest on indebtedness incurred by the taxpayer solely to pay
4 qualified higher education expenses to the extent such interest is
5 deductible, in accordance with Title 26 U.S.C. § 221, for federal tax
6 purposes, but not to exceed two thousand five hundred dollars.
7 § 2. This act shall take effect immediately and shall apply to taxable
8 years beginning on and after January 1, 2020.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08294-01-9