S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1368

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (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:

  Section 1. The education law is amended by adding a new  article  14-B
to read as follows:
                               ARTICLE 14-B
                         INVEST IN NEW YORK AND
                         NEW YORK INVESTS IN YOU
SECTION  696. INVEST  IN  NEW  YORK  AND NEW YORK INVESTS IN YOU TUITION
                REIMBURSEMENT PROGRAM.
  S 696. INVEST IN  NEW  YORK  AND  NEW  YORK  INVESTS  IN  YOU  TUITION
REIMBURSEMENT  PROGRAM.  1. THERE IS HEREBY ESTABLISHED AN INVEST IN NEW
YORK AND NEW YORK INVESTS IN YOU  TUITION  REIMBURSEMENT  PROGRAM.  SUCH
PROGRAM  SHALL  ESTABLISH  A  PERSONAL  INCOME  TAX  DEDUCTION  EQUAL TO
ONE-HALF OF THE STUDENT LOAN EXPENSE PAID DURING EACH TAXABLE  YEAR  FOR
THE  TEN  YEARS  IMMEDIATELY  FOLLOWING  GRADUATION  FROM ANY COLLEGE OR
UNIVERSITY OF THE STATE UNIVERSITY OF NEW YORK OR THE CITY UNIVERSITY OF
NEW YORK. SUCH TAX DEDUCTION SHALL APPLY ONLY TO PERSONS WHO  ARE  RESI-
DENTS OF THE STATE AND ARE EMPLOYED IN THE STATE FOLLOWING GRADUATION.
  2. FOR THE PURPOSES OF THIS SECTION, "STUDENT LOAN EXPENSE" SHALL MEAN
THE  CUMULATIVE  TOTAL  OF THE ANNUAL STUDENT LOANS COVERING THE COST OF
ATTENDANCE AT AN UNDERGRADUATE AND/OR GRADUATE COLLEGE AND/OR UNIVERSITY
OF THE STATE UNIVERSITY OF NEW YORK AND/OR THE CITY  UNIVERSITY  OF  NEW
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

  3. THE COMMISSIONER AND THE COMMISSIONER OF TAXATION AND FINANCE SHALL
JOINTLY  PROMULGATE ALL RULES AND REGULATIONS NECESSARY TO IMPLEMENT THE
PROVISIONS OF THIS SECTION.
  S 2. Subsection (c) of section 612 of the tax law is amended by adding
a new paragraph 39 to read as follows:
  (39)  ONE-HALF  OF THE TAXPAYER'S STUDENT LOAN EXPENSE PAID DURING THE
TAXABLE YEAR SUBJECT TO THE PROVISIONS OF SECTION SIX HUNDRED NINETY-SIX
OF THE EDUCATION LAW.
  S 3. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law; provided that any
rules and regulations necessary to implement the provisions of this  act
on  its effective date are authorized and directed to be promulgated and
completed on or before such date.