S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
January 9, 2013
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
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:
Section 1. Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 39 to read as follows:
(39) PAYMENT NOT IN EXCESS OF FIVE THOUSAND DOLLARS ACTUALLY PAID BY
AN ELIGIBLE BORROWER FOR STUDENT LOAN REPAYMENT, TO THE EXTENT NOT
DEDUCTIBLE IN DETERMINING FEDERAL ADJUSTED GROSS INCOME AND NOT REIM-
BURSED. FOR THE PURPOSES OF THIS PARAGRAPH, THE FOLLOWING TERMS HAVE
THE FOLLOWING MEANINGS:
(I) "STUDENT LOANS" MEANS ANY INDEBTEDNESS INCURRED BY THE TAXPAYER
SOLELY FOR ANY QUALIFIED EDUCATION LOAN TO THE EXTENT PROVIDED IN
SECTION 221 OF THE INTERNAL REVENUE CODE.
(II) "ELIGIBLE BORROWER" SHALL MEAN A TAXPAYER WHO HAS INCURRED
INDEBTEDNESS ON STUDENT LOANS AS DEFINED IN SUBPARAGRAPH (I) OF THIS
PARAGRAPH ON BEHALF OF THE TAXPAYER, THE TAXPAYER'S SPOUSE, OR ANY
DEPENDENT OF THE TAXPAYER AS OF THE TIME THE INDEBTEDNESS WAS INCURRED.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.