Bill > A08442

This bill establishes a state personal income tax deduction for student loan interest payments for individual taxpayers with specific income ranges. For single or head of household filers with a federal adjusted gross income between $65,000 and $80,000, taxpayers can deduct the difference between student loan interest paid (up to $2,500) and the amount already deducted for federal tax purposes. For single or head of household filers with an income between $80,000 and $125,000, they can deduct up to $2,500 in student loan interest. Married couples filing jointly with a federal adjusted gross income between $130,000 and $160,000 can deduct the difference between student loan interest paid (up to $2,500) and federal deductions, while those with an income between $160,000 and $250,000 can deduct up to $2,500 in student loan interest. The bill defines "student loan" consistent with a previous law from 2017, and will take effect immediately, applying to the current and all subsequent tax years.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8442