senate Bill S6487

2013-2014 Legislative Session

Establishes an income tax deduction for any payments made on student loans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2014 referred to investigations and government operations

S6487 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L

S6487 - Summary

Establishes an income tax deduction for any payments made on student loans.

S6487 - Sponsor Memo

S6487 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6487

                            I N  S E N A T E

                            January 29, 2014
                               ___________

Introduced  by  Sen.  BALL  --  read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in  relation  to  establishing  a  personal
  income  tax  modification  reducing  federal adjusted gross income for
  payments of principal and interest on  any  indebtedness  incurred  to
  attend and graduate from any institution of higher education

  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 41 to read as follows:
  (41)  THE AMOUNT OF PRINCIPAL AND INTEREST PAID BY A RESIDENT TAXPAYER
ON ANY INDEBTEDNESS INCURRED FOR ATTENDANCE AT AND GRADUATION  FROM  ANY
INSTITUTION  OF  HIGHER  EDUCATION,  AS  DEFINED IN SUBDIVISION EIGHT OF
SECTION TWO OF THE EDUCATION LAW.
  S 2. This act  shall  take  effect  immediately  and  shall  apply  to
payments  of  principal and interest made during any tax year commencing
on or after January 1, 2014, regardless of  when  the  indebtedness  was
incurred.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11974-02-3

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