Assembly Bill A1347

2021-2022 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 Assembly 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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2021-A1347 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10286
2017-2018: A1412
2019-2020: A3742

2021-A1347 (ACTIVE) - Summary

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

2021-A1347 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1347
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 8, 2021
                                ___________
 
 Introduced  by  M.  of  A. MAGNARELLI, BUTTENSCHON, ENGLEBRIGHT, HUNTER,
   COLTON,  DICKENS,  SIMON,  SANTABARBARA,  ZEBROWSKI,  THIELE,  STIRPE,
   TAYLOR, PICHARDO, COOK, ABBATE, CRUZ, GUNTHER, STERN, ABINANTI, GALEF,
   STECK,  HYNDMAN,  GRIFFIN,  FALL,  DILAN,  WEPRIN, FERNANDEZ, LUPARDO,
   DARLING -- Multi-Sponsored by -- M. of A. DE LA ROSA -- read once  and
   referred to the Committee on Ways and Means
 
 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, 2022.
 
 
 

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01769-01-1

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