Senate Bill S2798

2019-2020 Legislative Session

Provides for a personal income tax deduction for student loan payments

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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

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2019-S2798 (ACTIVE) - Details

See Assembly Version of this Bill:
A862
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10635
2013-2014: A2123
2015-2016: S7834, A2852
2017-2018: S4603, A3419
2021-2022: S5836, A5724
2023-2024: S2895, A1563

2019-S2798 (ACTIVE) - Summary

Provides for a personal income tax deduction for student loan payments.

2019-S2798 (ACTIVE) - Sponsor Memo

2019-S2798 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2798
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2019
                                ___________
 
 Introduced  by Sens. COMRIE, ADDABBO, FELDER, MONTGOMERY, PARKER -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Budget and Revenue
 
 AN  ACT  to  amend  the  tax  law, in relation to authorizing a personal
   income  tax deduction for student 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) PAYMENT NOT IN EXCESS OF FIVE THOUSAND DOLLARS ACTUALLY  PAID  BY
 AN  ELIGIBLE  BORROWER  FOR  STUDENT  LOAN  REPAYMENT, TO THE EXTENT NOT
 DEDUCTIBLE IN DETERMINING FEDERAL ADJUSTED GROSS INCOME  AND  NOT  REIM-
 BURSED.  FOR  THE   PURPOSES OF THIS PARAGRAPH, THE FOLLOWING TERMS HAVE
 THE FOLLOWING MEANINGS:
   (I) "STUDENT LOANS" MEANS ANY INDEBTEDNESS INCURRED  BY  THE  TAXPAYER
 SOLELY  FOR  ANY  QUALIFIED  EDUCATION  LOAN  TO  THE EXTENT PROVIDED IN
 SECTION 221 OF THE INTERNAL REVENUE CODE.
   (II) "ELIGIBLE BORROWER"  SHALL  MEAN  A  TAXPAYER  WHO  HAS  INCURRED
 INDEBTEDNESS  ON  STUDENT  LOANS  AS DEFINED IN SUBPARAGRAPH (I) OF THIS
 PARAGRAPH ON BEHALF OF THE  TAXPAYER,  THE  TAXPAYER'S  SPOUSE,  OR  ANY
 DEPENDENT OF THE TAXPAYER AS OF THE TIME THE INDEBTEDNESS WAS INCURRED.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2020.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01394-01-9

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