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Bill > A02440
NY A02440
NY A02440Establishes a reduction of federal adjusted gross income, for state personal income tax purposes, for student loan interest payments made by taxpayers.
summary
Introduced
01/22/2019
01/22/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to establishing a reduction of federal adjusted gross income, for state personal income tax purposes, for student loan interest payments made by taxpayers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill establishes a reduction of federal adjusted gross income, for state personal income tax purposes, for student loan interest payments made by taxpayers. Specifically, the bill allows taxpayers to deduct the difference between the interest paid on student loans and the amount of such interest deducted to calculate their federal adjusted gross income, up to a maximum of $5,000. The term "student loan" is defined as per the existing law.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
referred to ways and means (on 01/08/2020)
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