Bill > A00862

This bill provides for a personal income tax deduction of up to $5,000 for student loan payments made by eligible borrowers in New York. The eligible borrower can be the taxpayer, the taxpayer's spouse, or any dependent of the taxpayer at the time the student loan debt was incurred. The deduction is for student loans as defined in the Internal Revenue Code, and the deduction is only for payments not already deductible in determining federal adjusted gross income and not reimbursed. The bill applies to taxable years beginning on or after January 1, 2020.