Bill Text: NY S06487 | 2013-2014 | General Assembly | Introduced
Bill Title: Establishes an income tax deduction for any payments made on student loans.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-01-29 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06487 Detail]
Download: New_York-2013-S06487-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6487
I N S E N A T E
January 29, 2014
___________
Introduced by Sen. BALL -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to establishing a personal
income tax modification reducing federal adjusted gross income for
payments of principal and interest on any indebtedness incurred to
attend and graduate from any institution of higher education
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subsection (c) of section 612 of the tax law is amended by
2 adding a new paragraph 41 to read as follows:
3 (41) THE AMOUNT OF PRINCIPAL AND INTEREST PAID BY A RESIDENT TAXPAYER
4 ON ANY INDEBTEDNESS INCURRED FOR ATTENDANCE AT AND GRADUATION FROM ANY
5 INSTITUTION OF HIGHER EDUCATION, AS DEFINED IN SUBDIVISION EIGHT OF
6 SECTION TWO OF THE EDUCATION LAW.
7 S 2. This act shall take effect immediately and shall apply to
8 payments of principal and interest made during any tax year commencing
9 on or after January 1, 2014, regardless of when the indebtedness was
10 incurred.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11974-02-3
