| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 26, 2018 |
print number 2556a |
| Jan 26, 2018 |
amend and recommit to investigations and government operations |
| Jan 03, 2018 |
referred to investigations and government operations |
| Apr 25, 2017 |
reported and committed to finance |
| Jan 13, 2017 |
referred to investigations and government operations |
Senate Bill S2556A
2017-2018 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
Votes
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
(D) Senate District
(R, C, IP) Senate District
(R) Senate District
2017-S2556 - Details
2017-S2556 - Sponsor Memo
BILL NUMBER: S2556
TITLE OF BILL : An act to amend the tax law, in relation to interest
on indebtedness incurred by taxpayer to pay for higher education
PURPOSE :
To allow individuals to reduce their adjusted gross income by the
amount of their student loan interest not exceeding $2,500.
SUMMARY OF PROVISIONS :
Section 1 amends subsection (c) of section 612 of the tax law by
adding a new paragraph 42 to provide that interest on student loan
debt will be deductible up to $2,500 from an individual's adjusted
gross income.
Section 2 sets for the effective date.
JUSTIFICATION :
This bill would allow individuals to reduce their adjusted gross
income for their state tax returns by the amount of their student loan
interest, not to exceed $2,500. Many students face crushing loan debt.
This would be one step toward helping these students transition into
the workforce and be productive members of society with the ability to
2017-S2556 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2556
2017-2018 Regular Sessions
I N S E N A T E
January 13, 2017
___________
Introduced by Sen. LAVALLE -- 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 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
co-Sponsors
(R, C, IP) Senate District
(D) Senate District
(R, C, IP) Senate District
(R) Senate District
2017-S2556A (ACTIVE) - Details
2017-S2556A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2556A
SPONSOR: LAVALLE
TITLE OF BILL: An act to amend the tax law, in relation to interest
on indebtedness incurred by taxpayer to pay for higher education
PURPOSE:
To allow individuals to reduce their adjusted gross income by the amount
of their student loan interest not exceeding $2,500.
SUMMARY OF PROVISIONS:
Section 1 amends subsection (c) of section 612 of the tax law by adding
a new paragraph 42 to provide that interest on student loan debt will be
deductible up to $2,500 from an individual's adjusted gross income.
Section 2 sets for the effective date.
JUSTIFICATION:
2017-S2556A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2556--A
2017-2018 Regular Sessions
I N S E N A T E
January 13, 2017
___________
Introduced by Sens. LAVALLE, AMEDORE, AVELLA, BONACIC, CROCI, GALLIVAN,
GOLDEN, HAMILTON, LANZA, MARCHIONE, MURPHY, O'MARA, ORTT, RANZENHOFER,
RITCHIE, SERINO, SEWARD, TEDISCO, VALESKY -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations -- recommitted to the Committee on
Investigations and Government Operations in accordance with Senate
Rule 6, sec. 8 -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
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.
LBD02536-02-8
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.