S T A T E O F N E W Y O R K
________________________________________________________________________
4847
2015-2016 Regular Sessions
I N A S S E M B L Y
February 9, 2015
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Introduced by M. of A. ENGLEBRIGHT -- Multi-Sponsored by -- M. of A.
CURRAN, RA -- read once and referred to the Committee on Higher Educa-
tion
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.
LBD08449-01-5
A. 4847 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 42 to read as follows:
(42) 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.