Senate Bill S5217

2023-2024 Legislative Session

Relates to modifications reducing federal adjusted gross income

download bill text pdf

Sponsored By

Archive: Last 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-S5217 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7487
2017-2018: S5040
2019-2020: S4751
2021-2022: S4994
2025-2026: S4018

2023-S5217 (ACTIVE) - Summary

Allows taxpayers to subtract interest paid on an education loan and education debt from federal adjusted gross income.

2023-S5217 (ACTIVE) - Sponsor Memo

2023-S5217 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5217
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 27, 2023
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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  modifications  reducing
   federal adjusted gross income
 
   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)  AN  AMOUNT EQUAL TO THE INTEREST PAID BY THE TAXPAYER DURING
 THE TAXABLE YEAR ON ANY QUALIFIED EDUCATION  LOAN  TO  THE  EXTENT  SUCH
 INTEREST IS DEDUCTIBLE IN ACCORDANCE WITH 26 U.S.C § 221 FOR FEDERAL TAX
 PURPOSES;  AND  (B)  AN  AMOUNT EQUAL TO THE AMOUNT OF INTEREST PAYMENTS
 PAID BY THE TAXPAYER ON EDUCATION DEBT DURING THE TAXABLE YEAR.  FOR THE
 PURPOSES OF SUBPARAGRAPH (B), THE TERM "EDUCATIONAL DEBT" SHALL MEAN ANY
 LOAN WHICH WAS OR IS ADMINISTERED BY THE FINANCIAL AID OFFICE OF A  TWO-
 YEAR  OR FOUR-YEAR COLLEGE AT WHICH THE TAXPAYER, OR A DEPENDENT OF SUCH
 TAXPAYER, WAS ENROLLED AS AN UNDERGRADUATE STUDENT AND  WHICH  LOAN  HAS
 BEEN  SECURED  THROUGH  A  STATE STUDENT LOAN PROGRAM, A FEDERAL STUDENT
 LOAN PROGRAM OR A COMMERCIAL LENDER AND  WHICH  LOAN  WAS  OBTAINED  AND
 EXPENDED  SOLELY  FOR  THE PURPOSES OF PAYING TUITION AND OTHER EXPENSES
 DIRECTLY RELATED TO SUCH UNDERGRADUATE STUDENT  ENROLLMENT.  A  TAXPAYER
 SHALL  NOT  BE  ELIGIBLE  FOR  A  DEDUCTION  FOR THE SAME EXPENSES UNDER
 SUBPARAGRAPH (A) AND SUBPARAGRAPH (B) OF THIS PARAGRAPH.
   § 2. This act shall take effect immediately and  shall  be  deemed  to
 have  been  in  full  force and effect on and after January first of the
 calendar year in which it takes effect, and shall apply to the tax  year
 commencing on and after such date.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07566-01-3

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