New York S04202 provides a personal income tax deduction for student loan payments up to $5,000.
New York S04202 amends the tax law to allow a deduction for student loan payments up to $5,000. This deduction applies to payments made by eligible borrowers, defined as taxpayers who have incurred student loans on their own behalf, their spouse's, or their dependents'. The deduction is available for payments not exceeding $5,000, provided they are not deducted in determining federal adjusted gross income and are not reimbursed. The bill takes effect immediately and applies to taxable years beginning on or after January 1, 2028.
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