Bill
Bill > A05724
summary
Introduced
02/24/2021
02/24/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to authorizing a personal income tax deduction for student loan payments
AI Summary
This bill authorizes a personal income tax deduction of up to $5,000 for student loan payments made by eligible borrowers. The deduction applies to qualified education loans, which are defined as any indebtedness incurred solely for the purpose of financing higher education expenses. An "eligible borrower" is a taxpayer who has incurred student loan debt on behalf of themselves, their spouse, or any of their dependents. The bill would take effect immediately and apply to taxable years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (26)
Jo Anne Simon (D)*,
Joe Angelino (R),
Charles Barron (D),
Karl Brabenec (R),
Kenny Burgos (D),
Robert Carroll (D),
Catalina Cruz (D),
Taylor Darling (D),
Maritza Davila (D),
Jeffrey Dinowitz (D),
Michael Durso (R),
Steven Englebright (D),
Jarett Gandolfo (R),
Pamela Hunter (D),
Chantel Jackson (D),
John Lemondes (R),
Donna Lupardo (D),
Bill Magnarelli (D),
Zohran Mamdani (D),
Karen McMahon (D),
Angelo Santabarbara (D),
Amanda Septimo (D),
Gina Sillitti (D),
Steve Stern (D),
Mike Tannousis (R),
Fred Thiele (D),
Last Action
referred to ways and means (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A5724 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05724&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05724 |
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