Provides for the deduction of student loan interest from federal adjusted gross income

Latest action Jan 7, 2026

Provides for the deduction of student loan interest from federal adjusted gross income.

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Where it stands

Out of committee and scheduled for a vote by the full chamber.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A3333, the matching bill in the Assembly.

Amends the Tax Law.

Committee

Budget And Revenue · New York State Senate

Also referred to Ways and Means · New York State Assembly.

Purpose, from the sponsor's memo

To allow the deduction of student loan interest from federal adjusted gross income.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Committee vote · Budget And Revenue
Senate Budget And RevenueMay 28, 2025Result: passed
(7) (0) (0) (0)

Cosponsors

Al Taylor, Anna Kelles and 9 more on Agora

Democratic11

See the full list on nysenate.gov

The sponsor's argument

Why Andrew Gounardes says this is needed

Higher education has become exceptionally expensive. Higher education expenses force students and parents across the state to take out loans, often in the hope of acquiring an education that will open opportunities for a better life. Yet, crippling student loan debt is preventing young people from achieving the type of financial security they were always told would accompany a college education. Instead of buying a home, starting a business, or even starting a family, young people are paying student loans. This reality is limiting the economic growth of our state and localities. This bill will create a state equivalent to the student loan tax deduction that already exists on the federal level. Thus, the state student loan interest deduction will allow individuals who make no more than $95,000 and joint filers who make no more than $195,000 to deduct up to $2,500 in interest paid to qualified student loans from their taxable income.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Jan 7, 2026
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
May 28, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
Jan 27, 2025
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
Jan 21, 2025
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 1, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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