Senate Bill S7575

2015-2016 Legislative Session

Relates to interest on indebtedness incurred by taxpayer to pay for higher education

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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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2015-S7575 (ACTIVE) - Details

See Assembly Version of this Bill:
A10286
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S2556, A1412
2019-2020: A3742
2021-2022: A1347

2015-S7575 (ACTIVE) - Summary

Relates to interest on indebtedness incurred by taxpayers to pay for higher education.

2015-S7575 (ACTIVE) - Sponsor Memo

2015-S7575 (ACTIVE) - Bill Text download pdf 

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

                                  7575

                            I N  S E N A T E

                              May 10, 2016
                               ___________

Introduced  by  Sen. LAVALLE -- 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  interest  on  indebtedness
  incurred by taxpayer to pay for higher education

  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)  INTEREST  ON INDEBTEDNESS INCURRED BY THE TAXPAYER SOLELY TO PAY
QUALIFIED HIGHER EDUCATION EXPENSES  TO  THE  EXTENT  SUCH  INTEREST  IS
DEDUCTIBLE,  IN  ACCORDANCE  WITH TITLE 26 U.S.C. S 221, FOR FEDERAL TAX
PURPOSES, BUT NOT TO EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2017.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15331-01-6

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