Provides for a personal income tax deduction for student loan payments

This bill proposes allowing New York state residents to deduct up to $5,000 of their annual student loan payments from their state taxable income. It applies to individuals who have taken out loans for their own education or for their spouse and dependents, covering payments made directly, by an employer, or through payroll deductions. The tax benefit would begin for tax years starting on or after January 1, 2028, and includes payments toward certain 529 college savings plans. Currently, the legislation is under review by the state's Budget and Revenue Committee.