Senate Bill S7404

2011-2012 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 Investigations And Government Operations 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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2011-S7404 (ACTIVE) - Details

See Assembly Version of this Bill:
A10635
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S473, A2123
2015-2016: A2852
2017-2018: A3419
2019-2020: A862
2021-2022: A5724
2023-2024: A1563

2011-S7404 (ACTIVE) - Summary

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

2011-S7404 (ACTIVE) - Sponsor Memo

2011-S7404 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7404

                            I N  S E N A T E

                               May 9, 2012
                               ___________

Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

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 39 to read as follows:
  (39)  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.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15773-01-2

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