STATE OF NEW YORK
________________________________________________________________________
5217
2023-2024 Regular Sessions
IN SENATE
February 27, 2023
___________
Introduced by Sen. 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 modifications reducing
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 47 to read as follows:
3 47. (A) an amount equal to the interest paid by the taxpayer during
4 the taxable year on any qualified education loan to the extent such
5 interest is deductible in accordance with 26 U.S.C § 221 for federal tax
6 purposes; and (B) an amount equal to the amount of interest payments
7 paid by the taxpayer on education debt during the taxable year. For the
8 purposes of subparagraph (B), the term "educational debt" shall mean any
9 loan which was or is administered by the financial aid office of a two-
10 year or four-year college at which the taxpayer, or a dependent of such
11 taxpayer, was enrolled as an undergraduate student and which loan has
12 been secured through a state student loan program, a federal student
13 loan program or a commercial lender and which loan was obtained and
14 expended solely for the purposes of paying tuition and other expenses
15 directly related to such undergraduate student enrollment. A taxpayer
16 shall not be eligible for a deduction for the same expenses under
17 subparagraph (A) and subparagraph (B) of this paragraph.
18 § 2. This act shall take effect immediately and shall be deemed to
19 have been in full force and effect on and after January first of the
20 calendar year in which it takes effect, and shall apply to the tax year
21 commencing on and after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07566-01-3
