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Assembly Bill A9089

2017-2018 Legislative Session

Establishes an adjustment of income for certain taxpayers equal to the amount of principal and interest paid by the taxpayer on certain educational loans

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Archive: Last Bill Status - In Assembly Committee

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2017-A9089 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2017-A9089 (ACTIVE) - Summary

Establishes an adjustment of income for certain taxpayers equal to the amount of principal and interest paid by the taxpayer on certain educational loans.

2017-A9089 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9089
 
                           I N  A S S E M B L Y
 
                             January 18, 2018
                                ___________
 
 Introduced  by M. of A. RA -- read once and referred to the Committee on
   Ways and Means
 
 AN ACT to amend the tax law, in relation to an adjustment of income  for
   educational 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 44 to read as follows:
   (44)  IN  THE  CASE  OF A TAXPAYER OWING MONEY ON AN EDUCATIONAL LOAN,
 THERE SHALL BE ALLOWED AN ADJUSTMENT FOR THE TAXABLE YEAR OF  AN  AMOUNT
 EQUAL  TO  THE  PRINCIPAL  AND  INTEREST PAID BY THE TAXPAYER DURING THE
 TAXABLE YEAR ON ANY EDUCATIONAL LOAN INCURRED AT AN INSTITUTION OF HIGH-
 ER EDUCATION.  THE MAXIMUM ADJUSTMENT ALLOWED IN A  GIVEN  TAXABLE  YEAR
 SHALL BE AS FOLLOWS:
   (A)  EIGHT  THOUSAND  DOLLARS  FOR RESIDENT MARRIED INDIVIDUALS FILING
 JOINT RETURNS AND RESIDENT SURVIVING SPOUSES;
   (B) SIX THOUSAND DOLLARS FOR RESIDENT HEADS OF HOUSEHOLDS; AND
   (C) FOUR THOUSAND DOLLARS FOR RESIDENT UNMARRIED INDIVIDUALS, RESIDENT
 MARRIED INDIVIDUALS FILING SEPARATE RETURNS  AND  RESIDENT  ESTATES  AND
 TRUSTS.
   A  TAXPAYER  SHALL  BE  ELIGIBLE FOR THE ADJUSTMENT ONLY IF HIS OR HER
 INCOME IS AT OR BELOW THE FOLLOWING AMOUNTS:
   (A) ONE HUNDRED SIXTY THOUSAND DOLLARS FOR RESIDENT  MARRIED  INDIVID-
 UALS FILING JOINT RETURNS AND RESIDENT SURVIVING SPOUSES;
   (B)  ONE  HUNDRED TWENTY THOUSAND DOLLARS FOR RESIDENT HEADS OF HOUSE-
 HOLDS; AND
   (C) EIGHTY THOUSAND DOLLARS FOR RESIDENT UNMARRIED INDIVIDUALS,  RESI-
 DENT  MARRIED  INDIVIDUALS  FILING SEPARATE RETURNS AND RESIDENT ESTATES
 AND TRUSTS.
   FOR PURPOSES OF THIS PARAGRAPH:
   (A) "EDUCATIONAL LOAN" SHALL HAVE THE  SAME  MEANING  AS  PROVIDED  BY
 SUBDIVISION FOUR OF SECTION SIX HUNDRED TWENTY OF THE EDUCATION LAW;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14111-01-8

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