Enacts Retain-NY by implementing tuition tax credits and increasing the amount of an allowable deduction

Summary

The bill amends the state tax code to increase the maximum amount of qualified college tuition that can be used for tax benefits and to provide a sliding tuition tax credit that grows over time. It also creates a new deduction for interest paid on student loans beginning in tax years after Dec. 1, 2025. The changes are intended to lower the cost of higher education for New York families.

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