A 1245: Provides for a personal income tax deduction for student loan payments

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Provides for a personal income tax deduction for student loan payments not in excess of five thousand dollars; excludes any payment not in excess of five thousand dollars made by an employer, employee, or on behalf of an employee that is directly deducted from the employee's wages through payroll and administered by a third-party platform that facilitates direct payments to educational institutions or related loan servicers on behalf of students such amount from an employee's New York state gross income; further excludes any contribution not to exceed five thousand dollars to a tuition program under section 529 of the Internal Revenue Code made through payroll deduction and facilitated by an employer or a third-party platform that facilitates direct payments to such programs on behalf of employees from the employee's New York state gross income.

Sponsors

Sponsors by party (alphabetical): Democratic 18 · Democratic/Working Families 4 · Republican 1 · Republican/Conservative 2 · Republican/Conservative/Independence 3 · Republican/Conservative/Independence/Libertarian 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. January 7, 2026REFERRED TO WAYS AND MEANS
2. November 21, 2025PRINT NUMBER 1245A
3. November 21, 2025AMEND AND RECOMMIT TO WAYS AND MEANS
4. January 9, 2025REFERRED TO WAYS AND MEANS