New York S04018 allows taxpayers to deduct interest on education loans and educational debt from federal adjusted gross income.

New York S04018 amends the tax law to allow taxpayers to subtract interest paid on an education loan and education debt from federal adjusted gross income. This deduction applies to interest on qualified education loans and educational debt, which includes loans administered by a college's financial aid office for undergraduate students. The loans must be secured through state, federal, or commercial lenders and used solely for tuition and related expenses. A taxpayer cannot claim the same deduction under both categories.

New York S04018 allows taxpayers to deduct interest on education loans and educational debt from federal adjusted gross income.

New York S04018 amends the tax law to allow taxpayers to subtract interest paid on an education loan and education debt from federal adjusted gross income. This deduction applies to interest on qualified education loans and educational debt, which includes loans administered by a college's financial aid office for undergraduate students. The loans must be secured through state, federal, or commercial lenders and used solely for tuition and related expenses. A taxpayer cannot claim the same deduction under both categories.