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

                                  3888

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2011
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- 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.
  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00196-01-1
              

A. 3888                             2

  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.