Bill > S02798

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 key provisions include defining "student loans" as qualified education loans under the Internal Revenue Code, and defining "eligible borrowers" as taxpayers who have incurred student loan debt on behalf of themselves, their spouse, or their dependents. The bill would apply to taxable years beginning on or after January 1, 2020.