Senate Bill S2556A

2017-2018 Legislative Session

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

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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Bill Amendments

co-Sponsors

2017-S2556 - Details

See Assembly Version of this Bill:
A1412
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7575, A10286
2019-2020: A3742
2021-2022: A1347

2017-S2556 - Summary

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

2017-S2556 - Sponsor Memo

2017-S2556 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2556
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 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 42 to read as follows:
   (42)  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. § 221, FOR FEDERAL TAX
 PURPOSES, BUT NOT TO EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2018.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02536-01-7

co-Sponsors

2017-S2556A (ACTIVE) - Details

See Assembly Version of this Bill:
A1412
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7575, A10286
2019-2020: A3742
2021-2022: A1347

2017-S2556A (ACTIVE) - Summary

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

2017-S2556A (ACTIVE) - Sponsor Memo

2017-S2556A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2556--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by Sens. LAVALLE, AMEDORE, AVELLA, BONACIC, CROCI, GALLIVAN,
   GOLDEN, HAMILTON, LANZA, MARCHIONE, MURPHY, O'MARA, ORTT, RANZENHOFER,
   RITCHIE, SERINO, SEWARD, TEDISCO, VALESKY -- read  twice  and  ordered
   printed, and when printed to be committed to the Committee on Investi-
   gations  and  Government Operations -- recommitted to the Committee on
   Investigations and Government Operations  in  accordance  with  Senate
   Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 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. § 221, FOR FEDERAL TAX
 PURPOSES, BUT NOT TO EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2019.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02536-02-8

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