New York A 8442: Relates to enacting the orthodontic tele-dentistry consumer protection act

Bill Text

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A08442 Summary:

BILL NOA08442 

&nbsp

SAME ASSAME AS S01821

&nbsp

SPONSORSimone

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §612, Tax L

&nbsp

Establishes a personal income tax deduction for the interest paid on student loans by individual taxpayers having a federal adjusted income of between $65,000 and $125,000, and married taxpayers filing jointly having a federal adjusted income of between $130,000 and $250,000.

Go to top A08442 Actions:

BILL NOA08442 

&nbsp

05/16/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA08442 Committee&nbspVotes:

Go to topA08442 Floor&nbspVotes:

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

Go to topA08442 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8442

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 16, 2025
 ___________

 Introduced by M. of A. SIMONE -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to establishing a reduction of
 certain taxpayer's federal adjusted gross income, for state personal
 income tax purposes, for student loan interest payments made by the
 taxpayer

 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) (i) For a taxpayer who files singly or as the head of a house-
 4 hold with a federal adjusted income, without the deduction of any inter-
 5 est paid on student loans, of not less than sixty-five thousand dollars
 6 nor more than eighty thousand dollars, the difference between the inter-
 7 est paid on student loans by the taxpayer, in an amount not to exceed
 8 two thousand five hundred dollars, and the amount of such interest
 9 deducted by such taxpayer to calculate their federal adjusted gross
 10 income; and
 11 (ii) For a taxpayer who files singly or as the head of a household
 12 with a federal adjusted gross income of not less than eighty thousand
 13 dollars, nor more than one hundred twenty-five thousand dollars, inter-
 14 est, in an amount not to exceed two thousand five hundred dollars, paid
 15 on indebtedness incurred from a student loan; and
 16 (iii) For married taxpayers filing jointly with a federal adjusted
 17 gross income, without the deduction of any interest paid on student
 18 loans, of not less than one hundred thirty thousand dollars, nor more
 19 than one hundred sixty thousand dollars, the difference between the
 20 interest paid on student loans by the taxpayers, in an amount not to
 21 exceed two thousand five hundred dollars, and the amount of such inter-
 22 est deducted by such taxpayers to calculate their federal adjusted gross
 23 income; and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02310-01-5

 A. 8442 2

 1 (iv) For married taxpayers filing jointly with a federal adjusted
 2 gross income of not less than one hundred sixty thousand dollars, nor
 3 more than two hundred fifty thousand dollars, interest, in an amount not
 4 to exceed two thousand five hundred dollars, paid on indebtedness
 5 incurred from a student loan.
 6 (B) For the purposes of this paragraph, "student loan" shall have the
 7 same meaning as ascribed to such term by subparagraph (B) of paragraph
 8 forty-two of this subsection, as added by chapter four hundred fifty-six
 9 of the laws of two thousand seventeen.
 10 § 2. This act shall take effect immediately, and shall apply to the
 11 taxable year in which it shall take effect and to all subsequent taxable
 12 years.

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