New York Assembly Bill A01245 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1245 2025-2026 Regular Sessions  IN ASSEMBLY January 9, 2025 ___________ Introduced by M. of A. SIMON, R. CARROLL, MAGNARELLI, SANTABARBARA, DINOWITZ, TANNOUSIS, McMAHON, LEMONDES, STERN, GANDOLFO, ANGELINO, SEPTIMO, JACKSON, CRUZ, MAMDANI, HUNTER, DURSO, LUPARDO, DAVILA, SIMONE, SEAWRIGHT, DeSTEFANO, SHIMSKY, COLTON, JACOBSON, MIKULIN, FORREST -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to authorizing a personal income tax deduction for student loan payments The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 612 of the tax law is amended by 2 adding a new paragraph 48 to read as follows: 3 (48) Payment not in excess of five thousand dollars actually paid by 4 an eligible borrower for student loan repayment, to the extent not 5 deductible in determining federal adjusted gross income and not reim- 6 bursed. For the purposes of this paragraph, the following terms have 7 the following meanings: 8 (i) "Student loans" means any indebtedness incurred by the taxpayer 9 solely for any qualified education loan to the extent provided in 10 section 221 of the Internal Revenue Code. 11 (ii) "Eligible borrower" shall mean a taxpayer who has incurred 12 indebtedness on student loans as defined in subparagraph (i) of this 13 paragraph on behalf of the taxpayer, the taxpayer's spouse, or any 14 dependent of the taxpayer as of the time the indebtedness was incurred. 15 § 2. This act shall take effect immediately and shall apply to taxable 16 years beginning on or after January 1, 2026. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00109-01-5