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Assembly Bill A1412A

2017-2018 Legislative Session

Relates to interest on indebtedness incurred by taxpayer to pay for higher education

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2017-A1412 - Details

See Senate Version of this Bill:
S2556
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10286, S7575
2019-2020: A3742
2021-2022: A1347

2017-A1412 - Summary

Relates to interest on indebtedness incurred by taxpayers to pay for higher education.

2017-A1412 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1412
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced  by M. of A. JENNE -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation  to  interest  on  indebtedness
   incurred by taxpayer to pay for 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 42 to read as follows:
   (42)  INTEREST  ON INDEBTEDNESS INCURRED BY THE TAXPAYER SOLELY TO PAY
 QUALIFIED HIGHER EDUCATION EXPENSES  TO  THE  EXTENT  SUCH  INTEREST  IS
 DEDUCTIBLE,  IN  ACCORDANCE  WITH TITLE 26 U.S.C. § 221, FOR FEDERAL TAX
 PURPOSES, BUT NOT TO EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2018.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02536-01-7

2017-A1412A (ACTIVE) - Details

See Senate Version of this Bill:
S2556
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10286, S7575
2019-2020: A3742
2021-2022: A1347

2017-A1412A (ACTIVE) - Summary

Relates to interest on indebtedness incurred by taxpayers to pay for higher education.

2017-A1412A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1412--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced  by M. of A. JENNE -- read once and referred to the Committee
   on Ways and Means -- recommitted to the Committee on Ways and Means in
   accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 AN ACT to amend the tax law, in relation  to  interest  on  indebtedness
   incurred by taxpayer to pay for 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 44 to read as follows:
   (44)  INTEREST  ON INDEBTEDNESS INCURRED BY THE TAXPAYER SOLELY TO PAY
 QUALIFIED HIGHER EDUCATION EXPENSES  TO  THE  EXTENT  SUCH  INTEREST  IS
 DEDUCTIBLE,  IN  ACCORDANCE  WITH TITLE 26 U.S.C. § 221, FOR FEDERAL TAX
 PURPOSES, BUT NOT TO EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2019.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02536-03-8

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