New York S 4202: Provides for a personal income tax deduction for student loan payments

Bill Text

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S04202 Summary:

BILL NOS04202B

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SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSRCOONEY, JACKSON, STAVISKY

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MLTSPNSR

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Amd §612, Tax L

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Provides for a personal income tax deduction for student loan payments up to five thousand dollars.

Go to top S04202 Actions:

BILL NOS04202B

&nbsp

02/03/2025REFERRED TO BUDGET AND REVENUE

11/07/2025AMEND AND RECOMMIT TO BUDGET AND REVENUE

11/07/2025PRINT NUMBER 4202A

01/07/2026REFERRED TO BUDGET AND REVENUE

06/15/2026AMEND AND RECOMMIT TO BUDGET AND REVENUE

06/15/2026PRINT NUMBER 4202B

Go to topS04202 Committee&nbspVotes:

Go to topS04202 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04202 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4202--B

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sens. COMRIE, COONEY, JACKSON, STAVISKY -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Budget and Revenue -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee -- recommitted
 to the Committee on Budget and Revenue in accordance with Senate Rule
 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee

 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 51 to read as follows:
 3 (51) 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 (iii) "Qualified education payment" shall mean any payment made by a
 16 taxpayer, an employer on behalf of a taxpayer, or through a payroll
 17 deduction arrangement, toward:
 18 (A) qualified education loans; or
 19 (B) contributions to a qualified tuition program pursuant to section
 20 529 of the Internal Revenue Code.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00109-04-6

 S. 4202--B 2

 1 (iv) A taxpayer shall be allowed to exclude from New York adjusted
 2 gross income up to five thousand dollars annually in qualified education
 3 payments.
 4 § 2. This act shall take effect immediately and shall apply to taxable
 5 years beginning on or after January 1, 2028.

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