Senate BillIntroducedTAX
S 2502: Provides for the deduction of student loan interest from federal adjusted gross income.
What S 2502 does, verified January 8, 2026
The bill aims to provide a tax deduction for student loan interest paid by individuals. The deduction will be based on the interest paid on qualified education loans, up to the amount provided for in the US tax code. This deduction will be available to taxpayers starting from the 2026 tax year, and will be effective immediately. The bill seeks to provide relief to individuals who are struggling with student loan debt and may help reduce their taxable income.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: REFERRED TO BUDGET AND REVENUE (2026-01-07)Alert me
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions3 total · showing 3
| Jan. 07, 2026 | REFERRED TO BUDGET AND REVENUE |
| May. 28, 2025 | REPORTED AND COMMITTED TO FINANCE |
| Jan. 21, 2025 | REFERRED TO BUDGET AND REVENUE |
Latest bill textIntroduced version, January 21, 2025 · 188 words
STATE OF NEW YORK ________________________________________________________________________ 2502 2025-2026 Regular Sessions IN SENATE January 21, 2025 ___________ Introduced by Sens. GOUNARDES, ADDABBO -- read twice and ordered print- ed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to providing for the deduction of student loan interest from federal adjusted gross income The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 612 of the tax law is amended by 2 adding a new paragraph 48 to read as follows: 3 (48) an amount equal to the interest paid by the taxpayer during the 4 taxable year on any qualified education loan to the extent and as 5 provided in 26 USC § 221. 6 § 2. This act shall take effect immediately and shall apply to taxable 7 years beginning on and after January 1, 2026. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05603-01-5
Text of S 2502 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions