S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2440
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2019
                                ___________
 
 Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing a reduction  of
   federal adjusted gross income, for state personal income tax purposes,
   for student loan interest payments made by taxpayers

   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)(A)  THE  DIFFERENCE BETWEEN THE INTEREST PAID ON STUDENT LOANS BY
 THE TAXPAYER AND THE AMOUNT OF SUCH INTEREST DEDUCTED BY  SUCH  TAXPAYER
 TO  CALCULATE  HIS  OR  HER FEDERAL ADJUSTED GROSS INCOME, NOT TO EXCEED
 FIVE THOUSAND DOLLARS.
   (B) FOR THE PURPOSES OF THIS PARAGRAPH, "STUDENT LOAN" SHALL HAVE  THE
 SAME  MEANING  AS ASCRIBED TO SUCH TERM BY SUBPARAGRAPH (B) OF PARAGRAPH
 FORTY-TWO OF THIS SUBSECTION, AS ADDED BY CHAPTER FOUR HUNDRED FIFTY-SIX
 OF THE LAWS OF TWO THOUSAND SEVENTEEN.
   § 2. This act shall take effect immediately, and shall  apply  to  the
 taxable year in which it shall take effect and to all subsequent taxable
 years.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00403-01-9