S T A T E O F N E W Y O R K
________________________________________________________________________
779
2021-2022 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 6, 2021
___________
Introduced by M. of A. WALLACE, COOK -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a reduction of
federal adjusted gross income, for state personal income tax purposes,
for student loan interest payments made by taxpayers
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) THE DIFFERENCE BETWEEN THE INTEREST PAID ON STUDENT LOANS BY
THE TAXPAYER AND THE AMOUNT OF SUCH INTEREST DEDUCTED BY SUCH TAXPAYER
TO CALCULATE HIS OR HER FEDERAL ADJUSTED GROSS INCOME, NOT TO EXCEED
FIVE THOUSAND DOLLARS.
(B) FOR THE PURPOSES OF THIS PARAGRAPH, "STUDENT LOAN" SHALL HAVE THE
SAME MEANING AS ASCRIBED TO SUCH TERM BY SUBPARAGRAPH (B) OF PARAGRAPH
FORTY-TWO OF THIS SUBSECTION, AS ADDED BY CHAPTER FOUR HUNDRED FIFTY-SIX
OF THE LAWS OF TWO THOUSAND SEVENTEEN.
§ 2. This act shall take effect immediately, and shall apply to the
taxable year in which it shall take effect and to all subsequent taxable
years.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02214-01-1