| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 29, 2014 |
referred to investigations and government operations |
Senate Bill S6487
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
2013-S6487 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง612, Tax L
2013-S6487 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6487
TITLE OF BILL: 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
PURPOSE:
To establish an income tax deduction for any payments made on student
loans
SUMMARY OF PROVISIONS:
Section one - amends the tax law by adding by a new paragraph of
subsection c by stating 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.
Section two - 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 2014, regardless of when the
indebtedness was incurred.
2013-S6487 (ACTIVE) - 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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