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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to interest on indebtedness incurred by taxpayer to pay for higher education
In Assembly Committee · Ways And Means · Sponsor Addie Jenne
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to interest on indebtedness incurred by taxpayer to pay for higher education
Purpose
To allow individuals to reduce their adjusted gross income by the amount of their student loan interest not exceeding $2,500.
Summary of provisions
Section 1 amends subsection (c) of section 612 of the tax law by adding a new paragraph 44 to provide that interest on student loan debt will be deductible up to $2,500 from an individual's adjusted gross income.
Section 2 sets for the effective date.
Justification
This bill would allow individuals to reduce their adjusted gross income for their state tax returns by the amount of their student loan interest, not to exceed $2,500. Many students face crushing loan debt. This would be one step toward helping these students transition into the workforce and be productive members of society with the ability to have spending power.
The federal government already provides for this measure on federal tax returns and allowing this on the state level will reduce the tax burden on citizens of New York State.
Legislative history
New bill.
Fiscal implications
$40 million.
Effective date
This act shall take effect immediately and shall apply to the taxable years beginning on and after January 1, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.