New York A01245 allows a personal income tax deduction for student loan payments up to $5,000, excluding employer contributions to student loans or.

New York A01245 amends the tax law to authorize a personal income tax deduction for student loan payments up to $5,000. It excludes from an employee's New York state gross income any payment made by an employer, employee, or on behalf of an employee that is directly deducted from the employee's wages through payroll and administered by a third-party platform that facilitates direct payments to educational institutions or related loan servicers on behalf of students.

New York A01245 allows a personal income tax deduction for student loan payments up to $5,000, excluding employer contributions to student loans or.

New York A01245 amends the tax law to authorize a personal income tax deduction for student loan payments up to $5,000. It excludes from an employee's New York state gross income any payment made by an employer, employee, or on behalf of an employee that is directly deducted from the employee's wages through payroll and administered by a third-party platform that facilitates direct payments to educational institutions or related loan servicers on behalf of students.