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Bill > S03105
NY S03105
NY S03105Establishes a personal income tax deduction for the interest paid on student loans by individual taxpayers having a federal adjusted income of between $65,000 and $125,000, and married taxpayers filing jointly having a federal adjusted income of between $130,000 and $250,000.
summary
Introduced
02/04/2019
02/04/2019
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 certain taxpayer's federal adjusted gross income, for state personal income tax purposes, for student loan interest payments made by the taxpayer 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 personal income tax deduction for individual taxpayers and married taxpayers filing jointly who have a federal adjusted gross income between $65,000 and $125,000, or $130,000 and $250,000, respectively. The deduction applies to the interest paid on student loans, up to a maximum of $2,500. The bill defines "student loan" using the same meaning as a previous law passed in 2017.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/08/2020)
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