Nick Reisman is reporting for State of Politics state lawmakers are pressing for a measure that would add a personal income tax deduction for student loan payments as part of an effort to ease the burden of debt for students. The legislation would let taxpayers use up to $5,000 a year in pre-tax dollars to pay their student loans. The average debt load for New York students was more than $31,000 in 2019. The deduction would apply to student loan debt a taxpayer has incurred for themselves, their spouse, or a dependent that is not already covered by federal tax deductions and credits. Assemblymember Angelo Santabarbara said in a statement backing the measure that colleges, states, and the federal government can each play a role in helping students get through college without incurring the financial burden that often continues after graduation. If approved, the deduction would take effect for the taxable year beginning January 1, 2022. Read the full story at nystateofpolitics [dot] com.