Senate Bill S3105

2019-2020 Legislative Session

Establishes a personal income tax deduction for the interest paid on student loans by certain taxpayers

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-S3105 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7666
2021-2022: S746
2023-2024: S4436

2019-S3105 (ACTIVE) - Summary

Establishes a personal income tax deduction for the interest paid on student loans by individual taxpayers having a federal adjusted income of between $65,000 and $125,000, and married taxpayers filing jointly having a federal adjusted income of between $130,000 and $250,000.

2019-S3105 (ACTIVE) - Sponsor Memo

2019-S3105 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3105
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2019
                                ___________
 
 Introduced  by  Sen.  BIAGGI -- 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 establishing a reduction  of
   certain  taxpayer's  federal adjusted gross income, for state personal
   income tax purposes, for student loan interest payments  made  by  the
   taxpayer
 
   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)(A) (I) FOR A TAXPAYER WHO FILES SINGLY OR AS THE HEAD OF A HOUSE-
 HOLD WITH A FEDERAL ADJUSTED INCOME, WITHOUT THE DEDUCTION OF ANY INTER-
 EST  PAID ON STUDENT LOANS, OF NOT LESS THAN SIXTY-FIVE THOUSAND DOLLARS
 NOR MORE THAN EIGHTY THOUSAND DOLLARS, THE DIFFERENCE BETWEEN THE INTER-
 EST PAID ON STUDENT LOANS BY THE TAXPAYER, IS AN AMOUNT  NOT  TO  EXCEED
 TWO  THOUSAND  FIVE  HUNDRED  DOLLARS,  AND  THE AMOUNT OF SUCH INTEREST
 DEDUCTED BY SUCH TAXPAYER TO CALCULATE HIS OR HER FEDERAL ADJUSTED GROSS
 INCOME; AND
   (II) FOR A TAXPAYER WHO FILES SINGLY OR AS THE  HEAD  OF  A  HOUSEHOLD
 WITH  A  FEDERAL  ADJUSTED GROSS INCOME OF NOT LESS THAN EIGHTY THOUSAND
 DOLLARS, NOR MORE THAN ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS,  INTER-
 EST,  IN AN AMOUNT NOT TO EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS, PAID
 ON INDEBTEDNESS INCURRED FROM A STUDENT LOAN; AND
   (III) FOR MARRIED TAXPAYERS FILING JOINTLY  WITH  A  FEDERAL  ADJUSTED
 GROSS  INCOME,  WITHOUT  THE  DEDUCTION  OF ANY INTEREST PAID ON STUDENT
 LOANS, OF NOT LESS THAN ONE HUNDRED THIRTY THOUSAND  DOLLARS,  NOR  MORE
 THAN  ONE  HUNDRED  SIXTY  THOUSAND  DOLLARS, THE DIFFERENCE BETWEEN THE
 INTEREST PAID ON STUDENT LOANS BY THE TAXPAYERS, IS  AN  AMOUNT  NOT  TO
 EXCEED  TWO THOUSAND FIVE HUNDRED DOLLARS, AND THE AMOUNT OF SUCH INTER-
 EST DEDUCTED BY SUCH TAXPAYERS TO CALCULATE THEIR FEDERAL ADJUSTED GROSS
 INCOME; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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