Senate Bill S2895

2023-2024 Legislative Session

Provides for a personal income tax deduction for student loan payments

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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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2023-S2895 (ACTIVE) - Details

See Assembly Version of this Bill:
A1563
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10635
2013-2014: A2123
2015-2016: S7834, A2852
2017-2018: S4603, A3419
2019-2020: S2798, A862
2021-2022: S5836, A5724

2023-S2895 (ACTIVE) - Summary

Provides for a personal income tax deduction for student loan payments.

2023-S2895 (ACTIVE) - Sponsor Memo

2023-S2895 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2895
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law,  in  relation  to  authorizing  a  personal
   income  tax deduction for student loan payments
 
   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)  PAYMENT  NOT IN EXCESS OF FIVE THOUSAND DOLLARS ACTUALLY PAID BY
 AN ELIGIBLE BORROWER FOR STUDENT  LOAN  REPAYMENT,  TO  THE  EXTENT  NOT
 DEDUCTIBLE  IN  DETERMINING  FEDERAL ADJUSTED GROSS INCOME AND NOT REIM-
 BURSED. FOR THE  PURPOSES OF THIS PARAGRAPH, THE  FOLLOWING  TERMS  HAVE
 THE FOLLOWING MEANINGS:
   (I)  "STUDENT  LOANS"  MEANS ANY INDEBTEDNESS INCURRED BY THE TAXPAYER
 SOLELY FOR ANY QUALIFIED  EDUCATION  LOAN  TO  THE  EXTENT  PROVIDED  IN
 SECTION 221 OF THE INTERNAL REVENUE CODE.
   (II)  "ELIGIBLE  BORROWER"  SHALL  MEAN  A  TAXPAYER  WHO HAS INCURRED
 INDEBTEDNESS ON STUDENT LOANS AS DEFINED IN  SUBPARAGRAPH  (I)  OF  THIS
 PARAGRAPH  ON  BEHALF  OF  THE  TAXPAYER,  THE TAXPAYER'S SPOUSE, OR ANY
 DEPENDENT OF THE TAXPAYER AS OF THE TIME THE INDEBTEDNESS WAS INCURRED.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2024.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02881-01-3

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