Bill Text: NY S07575 | 2015-2016 | General Assembly | Introduced

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

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2016-05-10 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S07575 Detail]

Download: New_York-2015-S07575-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7575
                    IN SENATE
                                      May 10, 2016
                                       ___________
        Introduced  by  Sen. LAVALLE -- 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  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:
     1    Section 1. Subsection (c) of section 612 of the tax law is amended  by
     2  adding a new paragraph 44 to read as follows:
     3    (44)  Interest  on indebtedness incurred by the taxpayer solely to pay
     4  qualified higher education expenses  to  the  extent  such  interest  is
     5  deductible,  in  accordance  with Title 26 U.S.C. § 221, for federal tax
     6  purposes, but not to exceed two thousand five hundred dollars.
     7    § 2. This act shall take effect immediately and shall apply to taxable
     8  years beginning on and after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15331-01-6