| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Nov 07, 2025 |
print number 4202a |
| Nov 07, 2025 |
amend and recommit to budget and revenue |
| Feb 03, 2025 |
referred to budget and revenue |
Senate Bill S4202A
2025-2026 Legislative Session
Sponsored By
(D) 14th Senate District
Current Bill Status - In Senate Committee Budget And Revenue Committee
Actions
Bill Amendments
co-Sponsors
(D, WF) 56th Senate District
2025-S4202 - Details
2025-S4202 - Summary
Provides for a personal income tax deduction for student loan payments not in excess of five thousand dollars; excludes any payment not in excess of five thousand dollars made by an employer, employee, or on behalf of an employee that is directly deducted from the employee's wages through payroll and administered by a third-party platform that facilitates direct payments to educational institutions or related loan servicers on behalf of students such amount from an employee's New York state gross income; further excludes any contribution not to exceed five thousand dollars to a tuition program under section 529 of the Internal Revenue Code made through payroll deduction and facilitated by an employer or a third-party platform that facilitates direct payments to such programs on behalf of employees from the employee's New York state gross income.
2025-S4202 - Sponsor Memo
BILL NUMBER: S4202
SPONSOR: COMRIE
TITLE OF BILL:
An act to amend the tax law, in relation to authorizing a personal
income tax deduction for student loan payments
PURPOSE:
The purpose of this bill is to help alleviate the crushing burden of
student loan debt that many young New Yorkers and their parents face.
SUMMARY OF PROVISIONS:
Section 1 of the bill amends Section 612 subsection (c) of the tax law
by adding a new paragraph 44, which provides that a taxpayer with
student loan debt incurred on behalf of himself, his spouse, or a
dependent may take an above-the-line deduction of up to $5,000 in
student loan debt not already covered by federal tax deductions and
credits.
2025-S4202 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4202
2025-2026 Regular Sessions
I N S E N A T E
February 3, 2025
___________
Introduced by Sen. COMRIE -- 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 48 to read as follows:
(48) 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, 2026.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00109-01-5
co-Sponsors
(D, WF) 56th Senate District
2025-S4202A (ACTIVE) - Details
2025-S4202A (ACTIVE) - Summary
Provides for a personal income tax deduction for student loan payments not in excess of five thousand dollars; excludes any payment not in excess of five thousand dollars made by an employer, employee, or on behalf of an employee that is directly deducted from the employee's wages through payroll and administered by a third-party platform that facilitates direct payments to educational institutions or related loan servicers on behalf of students such amount from an employee's New York state gross income; further excludes any contribution not to exceed five thousand dollars to a tuition program under section 529 of the Internal Revenue Code made through payroll deduction and facilitated by an employer or a third-party platform that facilitates direct payments to such programs on behalf of employees from the employee's New York state gross income.
2025-S4202A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4202A
SPONSOR: COMRIE
TITLE OF BILL:
An act to amend the tax law, in relation to authorizing a personal
income tax deduction for student loan payments
PURPOSE:
The purpose of this bill is to help alleviate the crushing burden of
student loan debt that many young New Yorkers and their parents face.
SUMMARY OF PROVISIONS:
Section 1 of the bill amends Section 612 subsection (c) of the tax law
by adding a new paragraph 44, which provides that a taxpayer with
student loan debt incurred on behalf of himself, his spouse, or a
dependent. may take an above--line deduction of up to $5,000 in student
loan debt not already voted by federal tax deductions and credits, in
addition to removing any employer or third party payments t student
loans as income, in adherence to internal revenue service statute.
2025-S4202A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4202--A
2025-2026 Regular Sessions
I N S E N A T E
February 3, 2025
___________
Introduced by Sens. COMRIE, COONEY -- read twice and ordered printed,
and when printed to be committed to the Committee on Budget and Reven-
ue -- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
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 48 to read as follows:
(48) 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.
(III) ANY PAYMENT MADE BY AN EMPLOYER, EMPLOYEE, OR ON BEHALF OF AN
EMPLOYEE PURSUANT TO THIS SECTION THAT IS DIRECTLY DEDUCTED FROM THE
EMPLOYEE'S WAGES THROUGH PAYROLL AND ADMINISTERED BY A THIRD-PARTY PLAT-
FORM THAT FACILITATES DIRECT PAYMENTS TO EDUCATIONAL INSTITUTIONS OR
RELATED LOAN SERVICERS ON BEHALF OF STUDENTS SHALL BE EXCLUDED FROM THE
EMPLOYEE'S NEW YORK STATE GROSS INCOME, PROVIDED THAT SUCH PAYMENTS DO
NOT EXCEED FIVE THOUSAND DOLLARS IN ANY TAXABLE YEAR.
(IV) ANY CONTRIBUTION TO A TUITION PROGRAM UNDER SECTION 529 OF THE
INTERNAL REVENUE CODE MADE THROUGH PAYROLL DEDUCTION AND FACILITATED BY
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00109-02-5
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