New York A09207 amends tax law to increase tuition tax credit and reduce income by student loan interest.

New York A09207 amends the tax law to increase the allowable deduction for college tuition expenses and reduce income by the amount of interest paid on student loans. Part A increases the allowable deduction for college tuition expenses, setting limits at $10,000 for taxable years before 2025 and $15,000 for years starting in 2025. Part B reduces income by the amount of interest paid on student loans, excluding amounts deductible in federal adjusted gross income and not reimbursed. The bill takes effect immediately.

New York A09207 amends tax law to increase tuition tax credit and reduce income by student loan interest.

New York A09207 amends the tax law to increase the allowable deduction for college tuition expenses and reduce income by the amount of interest paid on student loans. Part A increases the allowable deduction for college tuition expenses, setting limits at $10,000 for taxable years before 2025 and $15,000 for years starting in 2025. Part B reduces income by the amount of interest paid on student loans, excluding amounts deductible in federal adjusted gross income and not reimbursed. The bill takes effect immediately.