S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6109
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 3, 2023
                                ___________
 
 Introduced by M. of A. SIMONE -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT to amend the tax law, in relation to establishing a reduction of
   certain taxpayer's federal adjusted gross income, for  state  personal
   income  tax  purposes,  for student loan interest payments made by the
   taxpayer

   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 47 to read as follows:
   (47)(A) (I) FOR A TAXPAYER WHO FILES SINGLY OR AS THE HEAD OF A HOUSE-
 HOLD WITH A FEDERAL ADJUSTED INCOME, WITHOUT THE DEDUCTION OF ANY INTER-
 EST PAID ON STUDENT LOANS, OF NOT LESS THAN SIXTY-FIVE THOUSAND  DOLLARS
 NOR MORE THAN EIGHTY THOUSAND DOLLARS, THE DIFFERENCE BETWEEN THE INTER-
 EST  PAID  ON  STUDENT LOANS BY THE TAXPAYER, IS AN AMOUNT NOT TO EXCEED
 TWO THOUSAND FIVE HUNDRED DOLLARS,  AND  THE  AMOUNT  OF  SUCH  INTEREST
 DEDUCTED BY SUCH TAXPAYER TO CALCULATE HIS OR HER FEDERAL ADJUSTED GROSS
 INCOME; AND
   (II)  FOR  A  TAXPAYER  WHO FILES SINGLY OR AS THE HEAD OF A HOUSEHOLD
 WITH A FEDERAL ADJUSTED GROSS INCOME OF NOT LESS  THAN  EIGHTY  THOUSAND
 DOLLARS,  NOR MORE THAN ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS, INTER-
 EST, IN AN AMOUNT NOT TO EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS,  PAID
 ON INDEBTEDNESS INCURRED FROM A STUDENT LOAN; AND
   (III)  FOR  MARRIED  TAXPAYERS  FILING JOINTLY WITH A FEDERAL ADJUSTED
 GROSS INCOME, WITHOUT THE DEDUCTION OF  ANY  INTEREST  PAID  ON  STUDENT
 LOANS,  OF  NOT  LESS THAN ONE HUNDRED THIRTY THOUSAND DOLLARS, NOR MORE
 THAN ONE HUNDRED SIXTY THOUSAND  DOLLARS,  THE  DIFFERENCE  BETWEEN  THE
 INTEREST  PAID  ON  STUDENT  LOANS BY THE TAXPAYERS, IS AN AMOUNT NOT TO
 EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS, AND THE AMOUNT OF SUCH  INTER-
 EST DEDUCTED BY SUCH TAXPAYERS TO CALCULATE THEIR FEDERAL ADJUSTED GROSS
 INCOME; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08763-01-3
              

 A. 6109                             2
 
   (IV)  FOR  MARRIED  TAXPAYERS  FILING  JOINTLY WITH A FEDERAL ADJUSTED
 GROSS INCOME OF NOT LESS THAN ONE HUNDRED SIXTY  THOUSAND  DOLLARS,  NOR
 MORE THAN TWO HUNDRED FIFTY THOUSAND DOLLARS, INTEREST, IN AN AMOUNT NOT
 TO  EXCEED  TWO  THOUSAND  FIVE  HUNDRED  DOLLARS,  PAID ON INDEBTEDNESS
 INCURRED FROM A STUDENT LOAN.
   (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.