Establishes the invest in New York and New York invests in you tuition reimbursement program; establishes a personal income tax credit for one-half of the student loan expenses paid by a taxpayer during the taxable year for the 10 years following graduation from the state university of New York or the city university of New York when the taxpayer continues to reside and work in the state following graduation.
STATE OF NEW YORK
________________________________________________________________________
1368
2009-2010 Regular Sessions
IN ASSEMBLY(Prefiled)
January 7, 2009
___________
Introduced by M. of A. ENGLEBRIGHT, EDDINGTON, SPANO -- Multi-Sponsored
by -- M. of A. ALFANO, BARRA, DESTITO, PHEFFER, SWEENEY, WEISENBERG
-- read once and referred to the Committee on Higher Education
AN ACT to amend the education law and the tax law, in relation to the
invest in New York and New York invests in you tuition reimbursement
program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The education law is amended by adding a new article 14-B
2 to read as follows:
3 ARTICLE 14-B
4 INVEST IN NEW YORK AND
5 NEW YORK INVESTS IN YOU
6 Section 696. Invest in New York and New York invests in you tuition
7 reimbursement program.
8 § 696. Invest in New York and New York invests in you tuition
9 reimbursement program. 1. There is hereby established an invest in New
10 York and New York invests in you tuition reimbursement program. Such
11 program shall establish a personal income tax deduction equal to one-
12 half of the student loan expense paid during each taxable year for the
13 ten years immediately following graduation from any college or universi-
14 ty of the state university of New York or the city university of New
15 York. Such tax deduction shall apply only to persons who are residents
16 of the state and are employed in the state following graduation.
17 2. For the purposes of this section, "student loan expense" shall mean
18 the cumulative total of the annual student loans covering the cost of
19 attendance at an undergraduate and/or graduate college and/or university
20 of the state university of New York and/or the city university of New
21 York, and any interest thereon.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04207-01-9
A. 1368 2
1 3. The commissioner and the commissioner of taxation and finance shall
2 jointly promulgate all rules and regulations necessary to implement the
3 provisions of this section.
4 § 2. Subsection (c) of section 612 of the tax law is amended by adding
5 a new paragraph 39 to read as follows:
6 (39) One-half of the taxpayer's student loan expense paid during the
7 taxable year subject to the provisions of section six hundred ninety-six
8 of the education law.
9 § 3. This act shall take effect on the first of January next succeed-
10 ing the date on which it shall have become a law; provided that any
11 rules and regulations necessary to implement the provisions of this act
12 on its effective date are authorized and directed to be promulgated and
13 completed on or before such date.
