New York A08442 establishes a personal income tax deduction for student loan interest for certain taxpayers.

New York A08442 amends the tax law to allow a deduction for interest paid on student loans. This deduction applies to individual taxpayers with a federal adjusted income between $65,000 and $125,000, and married taxpayers filing jointly with a federal adjusted income between $130,000 and $250,000. The deduction is limited to $2,500 of interest paid on student loans. This provision aims to provide tax relief to taxpayers burdened with student loan debt within specified income brackets.

New York A08442 establishes a personal income tax deduction for student loan interest for certain taxpayers.

New York A08442 amends the tax law to allow a deduction for interest paid on student loans. This deduction applies to individual taxpayers with a federal adjusted income between $65,000 and $125,000, and married taxpayers filing jointly with a federal adjusted income between $130,000 and $250,000. The deduction is limited to $2,500 of interest paid on student loans. This provision aims to provide tax relief to taxpayers burdened with student loan debt within specified income brackets.