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NY S02502
Bill
Status
Introduced
1/21/2025
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
- Allows New York taxpayers to deduct student loan interest payments from their federal adjusted gross income when calculating state taxes
- Deduction follows the same terms and limits as the federal student loan interest deduction under 26 USC § 221 (currently up to $2,500 per year)
- Applies to interest paid on "qualified education loans" as defined by federal tax law
- Takes effect for taxable years beginning on or after January 1, 2026
- Sponsored by Senators Gounardes and Addabbo; referred to Committee on Budget and Revenue
Legislative Description
Provides for the deduction of student loan interest from federal adjusted gross income.
Last Action
REFERRED TO BUDGET AND REVENUE
1/7/2026
Committee Referrals
Budget and Revenue1/7/2026
Finance5/28/2025
Budget and Revenue1/21/2025
Full Bill Text
No bill text available