|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jan 21, 2014 |
print number 473a |
| Jan 21, 2014 |
amend and recommit to investigations and government operations |
| Jan 08, 2014 |
referred to investigations and government operations |
| Jan 09, 2013 |
referred to investigations and government operations |
Senate Bill S473A
2013-2014 Legislative Session
Sponsored By
(D) 11th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2013-S473 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S7404
2013-S473 - Sponsor Memo
BILL NUMBER:S473
TITLE OF BILL:
An act
to amend the tax law, in relation to authorizing a personal income tax
deduction for student loan payments
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to help alleviate the crushing burden of
student loan debt that many young New Yorkers and their parents face.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends Section 612 subsection (c) of the tax law
by adding a new paragraph 39. Paragraph 39 provides that a taxpayer
with student loan debt incurred on behalf of himself, his spouse, or
a dependent may take an above-the-line deduction of up to $5,000 in
student loan debt not already covered by federal tax deductions and
credits.
JUSTIFICATION:
This bill is intended to fill a critical need for young college
graduates in a difficult job market where more than two million
graduates are unemployed. At the same time, student loans are
becoming more and more a necessity, with public-university tuitions
more than doubling in the past twenty years, well above the rate of
inflation. In September 2012, The Pew Research Center reported that
2013-S473 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
473
2013-2014 Regular Sessions
I N S E N A T E
(PREFILED)
January 9, 2013
___________
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
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:
Section 1. Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 39 to read as follows:
(39) PAYMENT NOT IN EXCESS OF FIVE THOUSAND DOLLARS ACTUALLY PAID BY
AN ELIGIBLE BORROWER FOR STUDENT LOAN REPAYMENT, TO THE EXTENT NOT
DEDUCTIBLE IN DETERMINING FEDERAL ADJUSTED GROSS INCOME AND NOT REIM-
BURSED. FOR THE PURPOSES OF THIS PARAGRAPH, THE FOLLOWING TERMS HAVE
THE FOLLOWING MEANINGS:
(I) "STUDENT LOANS" MEANS ANY INDEBTEDNESS INCURRED BY THE TAXPAYER
SOLELY FOR ANY QUALIFIED EDUCATION LOAN TO THE EXTENT PROVIDED IN
SECTION 221 OF THE INTERNAL REVENUE CODE.
(II) "ELIGIBLE BORROWER" SHALL MEAN A TAXPAYER WHO HAS INCURRED
INDEBTEDNESS ON STUDENT LOANS AS DEFINED IN SUBPARAGRAPH (I) OF THIS
PARAGRAPH ON BEHALF OF THE TAXPAYER, THE TAXPAYER'S SPOUSE, OR ANY
DEPENDENT OF THE TAXPAYER AS OF THE TIME THE INDEBTEDNESS WAS INCURRED.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02740-01-3
2013-S473A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S7404
2013-S473A (ACTIVE) - Sponsor Memo
BILL NUMBER:S473A
TITLE OF BILL: An act to amend the tax law, in relation to
authorizing a personal income tax deduction for student loan payments
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to help alleviate the crushing burden of
student loan debt that many young New Yorkers and their parents face.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 41 which provides that a taxpayer with student
loan debt incurred on behalf of himself, his spouse, or a dependent
may take an above-the-line deduction of up to $5,000 in student loan
debt not already covered by federal tax deductions and credits.
JUSTIFICATION:
This bill is intended to fill a critical need for young college
graduates in a difficult job market where more than two million
graduates are unemployed. At the same time, student loans are becoming
more and more a necessity, with public-university tuitions more than
doubling in the past twenty years, well above the rate of inflation.
2013-S473A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
473--A
2013-2014 Regular Sessions
I N S E N A T E
(PREFILED)
January 9, 2013
___________
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- recommitted to the Committee on Investigations and
Government Operations 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:
Section 1. Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 41 to read as follows:
(41) PAYMENT NOT IN EXCESS OF FIVE THOUSAND DOLLARS ACTUALLY PAID BY
AN ELIGIBLE BORROWER FOR STUDENT LOAN REPAYMENT, TO THE EXTENT NOT
DEDUCTIBLE IN DETERMINING FEDERAL ADJUSTED GROSS INCOME AND NOT REIM-
BURSED. FOR THE PURPOSES OF THIS PARAGRAPH, THE FOLLOWING TERMS HAVE
THE FOLLOWING MEANINGS:
(I) "STUDENT LOANS" MEANS ANY INDEBTEDNESS INCURRED BY THE TAXPAYER
SOLELY FOR ANY QUALIFIED EDUCATION LOAN TO THE EXTENT PROVIDED IN
SECTION 221 OF THE INTERNAL REVENUE CODE.
(II) "ELIGIBLE BORROWER" SHALL MEAN A TAXPAYER WHO HAS INCURRED
INDEBTEDNESS ON STUDENT LOANS AS DEFINED IN SUBPARAGRAPH (I) OF THIS
PARAGRAPH ON BEHALF OF THE TAXPAYER, THE TAXPAYER'S SPOUSE, OR ANY
DEPENDENT OF THE TAXPAYER AS OF THE TIME THE INDEBTEDNESS WAS INCURRED.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2015.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02740-02-4
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.