New York State Assembly

Bill No.:  

 
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A05879 Summary:

BILL NO	A05879
SAME AS	No Same As
SPONSOR	Malliotakis
COSPNSR
MLTSPNSR
Amd §612, Tax L
Establishes an adjustment of income for certain taxpayers equal to the amount of principal and interest paid by the taxpayer on certain educational loans.

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A05879 Actions:

BILL NO	A05879
02/20/2019	referred to ways and means
01/08/2020	referred to ways and means
07/17/2020	held for consideration in ways and means

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A05879 Committee Votes:

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:07/17/2020AYE/NAY:22/10  Action: Held for Consideration         
Weinstein
Aye
Ra
Nay
Lentol
Aye
Crouch
Nay
Schimminger
Excused
Fitzpatrick
Nay
Glick
Aye
Hawley
Nay
Nolan
Aye
Malliotakis
Nay
Pretlow
Aye
Montesano
Nay
Perry
Aye
Blankenbush
Nay
Colton
Aye
Palmesano
Nay
Cook
Aye
Norris
Nay
Cahill
Aye
Brabenec
Nay
Aubry
Aye
Cusick
Aye
Ortiz
Excused
Benedetto
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Simotas
Aye
Dinowitz
Aye
Miller
Aye
Joyner
Aye

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A05879 Floor Votes:

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A05879 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5879
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 20, 2019
                                       ___________
 
        Introduced  by  M.  of  A.  MALLIOTAKIS -- read once and referred to the
          Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to an adjustment of income  for
          educational 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)  In  the  case  of a taxpayer owing money on an educational loan,
     4  there shall be allowed an adjustment for the taxable year of  an  amount
     5  equal  to  the  principal  and  interest paid by the taxpayer during the
     6  taxable year on any educational loan incurred at an institution of high-
     7  er education.  The maximum adjustment allowed in a  given  taxable  year
     8  shall be as follows:
     9    (A)  eight  thousand  dollars  for resident married individuals filing
    10  joint returns and resident surviving spouses;
    11    (B) six thousand dollars for resident heads of households; and
    12    (C) four thousand dollars for resident unmarried individuals, resident
    13  married individuals filing separate returns  and  resident  estates  and
    14  trusts.
    15    A  taxpayer  shall  be  eligible for the adjustment only if his or her
    16  income is at or below the following amounts:
    17    (A) one hundred sixty thousand dollars for resident  married  individ-
    18  uals filing joint returns and resident surviving spouses;
    19    (B)  one  hundred twenty thousand dollars for resident heads of house-
    20  holds; and
    21    (C) eighty thousand dollars for resident unmarried individuals,  resi-
    22  dent  married  individuals  filing separate returns and resident estates
    23  and trusts.
    24    For purposes of this paragraph:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09941-01-9
        A. 5879                             2
 
     1    (A) "Educational loan" shall have the  same  meaning  as  provided  by
     2  subdivision four of section six hundred twenty of the education law;
     3    (B)  "Institution  of higher education" shall have the same meaning as
     4  provided by paragraph three of subsection (t) of section six hundred six
     5  of this article.
     6    § 2. This act shall take effect immediately and apply to taxable years
     7  beginning on and after January 1, 2019.

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