Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 17, 2020 |
held for consideration in ways and means |
Jan 08, 2020 |
referred to ways and means |
Feb 20, 2019 |
referred to ways and means |
Assembly Bill A5879
2019-2020 Legislative Session
Sponsored By
MALLIOTAKIS
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2019-A5879 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
2019-A5879 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5879 2019-2020 Regular Sessions I N A S S E M B L Y February 20, 2019 ___________ Introduced by M. of A. MALLIOTAKIS -- 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: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09941-01-9
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