Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 12, 2018 |
print number 7224a |
Feb 12, 2018 |
amend (t) and recommit to higher education |
Jan 03, 2018 |
referred to higher education |
Apr 12, 2017 |
referred to higher education |
Assembly Bill A7224
2017-2018 Legislative Session
Sponsored By
CRESPO
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
co-Sponsors
Luis R. Sepúlveda
Victor M. Pichardo
Philip Ramos
Carmen De La Rosa
2017-A7224 - Details
- Current Committee:
- Assembly Higher Education
- Law Section:
- Education Law
- Laws Affected:
- Add §682, Ed L; amd §§612, 210-B, 606 & 1511, Tax L
2017-A7224 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7224 2017-2018 Regular Sessions I N A S S E M B L Y April 12, 2017 ___________ Introduced by M. of A. CRESPO, SEPULVEDA, PICHARDO, RAMOS, DE LA ROSA, ARROYO, RIVERA, DAVILA, DILAN -- read once and referred to the Commit- tee on Higher Education AN ACT to amend the education law and the tax law, in relation to estab- lishing the college debt freedom account 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 section 682 to read as follows: § 682. COLLEGE DEBT FREEDOM ACCOUNT PROGRAM. 1. THERE IS HEREBY ESTAB- LISHED THE COLLEGE DEBT FREEDOM ACCOUNT PROGRAM. SUCH PROGRAM SHALL PERMIT EMPLOYEES TO DEPOSIT A PORTION OF THEIR PRE-TAX INCOME PURSUANT TO PARAGRAPH FORTY-TWO OF SUBSECTION (C) OF SECTION SIX HUNDRED TWELVE OF THE TAX LAW, INTO AN ACCOUNT SOLELY INTENDED FOR UNDERGRADUATE STUDENT LOAN REPAYMENTS. EMPLOYERS MAY ELECT TO PARTICIPATE IN THE PROGRAM AND RECEIVE A TAX CREDIT BY CONTRIBUTING MATCHING FUNDS TO AN EMPLOYEE'S STUDENT LOAN REPAYMENT ACCOUNT ESTABLISHED PURSUANT TO THIS SECTION. SUCH CONTRIBUTION SHALL BE MINIMALLY FIFTY PERCENT OF THE EMPLOYEE'S DEPOSIT AND A MAXIMUM ONE HUNDRED PERCENT OF THE EMPLOYEE'S DEPOSIT, UP TO TWENTY-FIVE HUNDRED DOLLARS ANNUALLY, PER EMPLOYEE ACCOUNT. THE ANNUAL MAXIMUM AGGREGATE AMOUNT TO BE DEPOSITED PER ACCOUNT BY THE EMPLOYEE AND EMPLOYER SHALL BE FIVE THOUSAND DOLLARS. 2. FOR THE PURPOSES OF THIS SECTION, "STUDENT LOAN" SHALL MEAN THE CUMULATIVE TOTAL OF THE ANNUAL STUDENT LOANS COVERING THE COST OF ATTENDANCE AT AN UNDERGRADUATE COLLEGE OR UNIVERSITY, AND ANY INTEREST THEREON. 3. EMPLOYEE STUDENT LOAN REPAYMENT ACCOUNTS SHALL BE ESTABLISHED BY AN EMPLOYEE FOR DEPOSIT OF FUNDS TO BE USED SOLELY FOR REPAYMENT OF STUDENT LOANS. SUCH ACCOUNTS SHALL BE MANAGED BY THE HIGHER EDUCATION SERVICES CORPORATION. ALL ENROLLEES AND PARTICIPATING EMPLOYERS SHALL PROVIDE THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08136-05-7
co-Sponsors
Luis R. Sepúlveda
Victor M. Pichardo
Philip Ramos
Carmen De La Rosa
2017-A7224A (ACTIVE) - Details
- Current Committee:
- Assembly Higher Education
- Law Section:
- Education Law
- Laws Affected:
- Add §682, Ed L; amd §§612, 210-B, 606 & 1511, Tax L
2017-A7224A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7224--A 2017-2018 Regular Sessions I N A S S E M B L Y April 12, 2017 ___________ Introduced by M. of A. CRESPO, SEPULVEDA, PICHARDO, RAMOS, DE LA ROSA, ARROYO, RIVERA, DAVILA, DILAN, ENGLEBRIGHT, McDONALD -- read once and referred to the Committee on Higher Education -- recommitted to the Committee on Higher Education in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the education law and the tax law, in relation to estab- lishing the college debt freedom account pilot 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 section 682 to read as follows: § 682. COLLEGE DEBT FREEDOM ACCOUNT PILOT PROGRAM. 1. THERE IS HEREBY ESTABLISHED THE COLLEGE DEBT FREEDOM ACCOUNT PILOT PROGRAM. SUCH PROGRAM SHALL PERMIT EMPLOYEES OF ANY EMPLOYER JOINTLY CERTIFIED BY THE COMMIS- SIONER AND THE COMMISSIONER OF TAXATION AND FINANCE PURSUANT TO THIS SECTION TO DEPOSIT A PORTION OF THEIR PRE-TAX INCOME PURSUANT TO PARA- GRAPH FORTY-FOUR OF SUBSECTION (C) OF SECTION SIX HUNDRED TWELVE OF THE TAX LAW, INTO AN ACCOUNT SOLELY INTENDED FOR UNDERGRADUATE STUDENT LOAN REPAYMENTS. CERTIFIED EMPLOYERS SHALL RECEIVE A TAX CREDIT BY CONTRIB- UTING MATCHING FUNDS TO AN EMPLOYEE'S STUDENT LOAN REPAYMENT ACCOUNT ESTABLISHED PURSUANT TO THIS SECTION. SUCH CONTRIBUTION SHALL BE MINI- MALLY FIFTY PERCENT OF THE EMPLOYEE'S DEPOSIT AND A MAXIMUM ONE HUNDRED PERCENT OF THE EMPLOYEE'S DEPOSIT, UP TO TWENTY-FIVE HUNDRED DOLLARS ANNUALLY, PER EMPLOYEE ACCOUNT. THE ANNUAL MAXIMUM AGGREGATE AMOUNT TO BE DEPOSITED PER ACCOUNT BY THE EMPLOYEE AND EMPLOYER SHALL BE FIVE THOUSAND DOLLARS. 2. FOR THE PURPOSES OF THIS SECTION, "STUDENT LOAN" SHALL MEAN THE CUMULATIVE TOTAL OF THE ANNUAL STUDENT LOANS COVERING THE COST OF ATTENDANCE AT AN UNDERGRADUATE COLLEGE OR UNIVERSITY, AND ANY INTEREST THEREON. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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