New York S 4018: Relates to modifications reducing federal adjusted gross income

Bill Text

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S04018 Summary:

BILL NOS04018 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Amd §612, Tax L

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Allows taxpayers to subtract interest paid on an education loan and education debt from federal adjusted gross income.

Go to top S04018 Actions:

BILL NOS04018 

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01/31/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04018 Committee&nbspVotes:

Go to topS04018 Floor&nbspVotes:

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

Go to topS04018 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4018

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to modifications reducing
 federal adjusted gross income

 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. (A) an amount equal to the interest paid by the taxpayer during
 4 the taxable year on any qualified education loan to the extent such
 5 interest is deductible in accordance with 26 U.S.C § 221 for federal tax
 6 purposes; and (B) an amount equal to the amount of interest payments
 7 paid by the taxpayer on education debt during the taxable year. For the
 8 purposes of subparagraph (B), the term "educational debt" shall mean any
 9 loan which was or is administered by the financial aid office of a two-
 10 year or four-year college at which the taxpayer, or a dependent of such
 11 taxpayer, was enrolled as an undergraduate student and which loan has
 12 been secured through a state student loan program, a federal student
 13 loan program or a commercial lender and which loan was obtained and
 14 expended solely for the purposes of paying tuition and other expenses
 15 directly related to such undergraduate student enrollment. A taxpayer
 16 shall not be eligible for a deduction for the same expenses under
 17 subparagraph (A) and subparagraph (B) of this paragraph.
 18 § 2. This act shall take effect immediately and shall be deemed to
 19 have been in full force and effect on and after January first of the
 20 calendar year in which it takes effect, and shall apply to the tax year
 21 commencing on and after such date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07582-01-5

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