senate Bill S7487

2015-2016 Legislative Session

Relates to modifications reducing federal adjusted gross income

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
May 05, 2016 referred to investigations and government operations

S7487 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S5040
2019-2020: S4751

S7487 (ACTIVE) - Summary

Allows taxpayers to subtract interest paid on an education loan and education debt from federal adjusted gross income.

S7487 (ACTIVE) - Sponsor Memo

S7487 (ACTIVE) - Bill Text download pdf

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

                                  7487

                            I N  S E N A T E

                               May 5, 2016
                               ___________

Introduced  by  Sen. PERKINS -- 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  modifications  reducing
  federal adjusted gross income

  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 44 to read as follows:
  44.  (A)  AN  AMOUNT EQUAL TO THE INTEREST PAID BY THE TAXPAYER DURING
THE TAXABLE YEAR ON ANY QUALIFIED EDUCATION  LOAN  TO  THE  EXTENT  SUCH
INTEREST IS DEDUCTIBLE IN ACCORDANCE WITH 26 U.S.C S 221 FOR FEDERAL TAX
PURPOSES;  AND  (B)  AN  AMOUNT EQUAL TO THE AMOUNT OF INTEREST PAYMENTS
PAID BY THE TAXPAYER ON EDUCATION DEBT DURING THE TAXABLE YEAR.  FOR THE
PURPOSES OF SUBPARAGRAPH (B), THE TERM "EDUCATIONAL DEBT" SHALL MEAN ANY
LOAN WHICH WAS OR IS ADMINISTERED BY THE FINANCIAL AID OFFICE OF A  TWO-
YEAR  OR FOUR-YEAR COLLEGE AT WHICH THE TAXPAYER, OR A DEPENDENT OF SUCH
TAXPAYER, WAS ENROLLED AS AN UNDERGRADUATE STUDENT AND  WHICH  LOAN  HAS
BEEN  SECURED  THROUGH  A  STATE STUDENT LOAN PROGRAM, A FEDERAL STUDENT
LOAN PROGRAM OR A COMMERCIAL LENDER AND  WHICH  LOAN  WAS  OBTAINED  AND
EXPENDED  SOLELY  FOR  THE PURPOSES OF PAYING TUITION AND OTHER EXPENSES
DIRECTLY RELATED TO SUCH UNDERGRADUATE STUDENT  ENROLLMENT.  A  TAXPAYER
SHALL  NOT  BE  ELIGIBLE  FOR  A  DEDUCTION  FOR THE SAME EXPENSES UNDER
SUBPARAGRAPH (A) AND SUBPARAGRAPH (B) OF THIS PARAGRAPH.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have  been  in  full  force  and  effect on and after January 1st of the
calendar year in which it takes effect, and shall apply to the tax  year
commencing on and after such date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15139-01-6

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