Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 26, 2018 |
print number 5136a |
Jan 26, 2018 |
amend (t) and recommit to finance |
Jan 22, 2018 |
reported and committed to finance |
Jan 03, 2018 |
referred to higher education returned to senate died in assembly |
Jun 19, 2017 |
referred to higher education delivered to assembly passed senate |
May 01, 2017 |
advanced to third reading |
Apr 26, 2017 |
2nd report cal. |
Apr 25, 2017 |
1st report cal.635 |
Mar 09, 2017 |
referred to higher education |
Senate Bill S5136
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Finance 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
Votes
Bill Amendments
co-Sponsors
(R, C) 60th Senate District
(R, C, IP) 54th Senate District
(R, C, IP) Senate District
(D, IP) Senate District
2017-S5136 - Details
- See Assembly Version of this Bill:
- A7224
- Current Committee:
- Senate Finance
- Law Section:
- Education Law
- Laws Affected:
- Add §682, Ed L; amd §§612, 210-B, 606 & 1511, Tax L
2017-S5136 - Sponsor Memo
BILL NUMBER: S5136 TITLE OF BILL : An act to amend the education law and the tax law, in relation to establishing the college debt freedom account program PURPOSE OR GENERAL IDEA OF BILL : Allows employed residents to set aside part of their pre-taxed income into an account solely intended for undergraduate student loan payments. Employers that match employee contributions are eligible for a state tax deduction on each contribution. SUMMARY OF SPECIFIC PROVISIONS : Section 1: Adds a new section 682 to the education law establishing College Debt Freedom Account program. Employers who elect to match student contributions in into an employee's student loan repayment account must match minimally at 50% of the employee's deposit and up to 100% of such deposit, up to $2,500 annually per account. The annual maximum aggregate amount to be deposited per account by the employee and employer shall be $5,000. Such accounts shall be established by an employee for deposit of funds to be used solely for repayment of student loans and such accounts will be managed by the higher education services corporation. If an employee withdraws money from such account for purposes other than paying undergraduate student loans, they shall be subject to a penalty of 10% on any withdrawal or
2017-S5136 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5136 2017-2018 Regular Sessions I N S E N A T E March 9, 2017 ___________ Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee 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 CORPORATION WITH ALL NECESSARY INFORMATION IN ORDER TO IMPLEMENT THE PROVISIONS OF THIS SECTION. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) 22nd Senate District
(R, C) 60th Senate District
(R, C, IP) 54th Senate District
(R, C, IP) Senate District
2017-S5136A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7224
- Current Committee:
- Senate Finance
- Law Section:
- Education Law
- Laws Affected:
- Add §682, Ed L; amd §§612, 210-B, 606 & 1511, Tax L
2017-S5136A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5136A SPONSOR: KLEIN TITLE OF BILL: An act to amend the education law and the tax law, in relation to estab- lishing the college debt freedom account pilot program PURPOSE OR GENERAL IDEA OF BILL: Allows employed residents to set aside part of their pre-taxed income into an account solely intended for undergraduate student loan payments. Employers that match employee contributions are eligible for a state tax deduction on each contribution. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Adds a new section 682 to the education law establishing College Debt Freedom Account Pilot program. The program shall permit employees of any employer jointly certified by the commissioner of education and the commissioner of taxation and finance to deposit a
2017-S5136A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5136--A 2017-2018 Regular Sessions I N S E N A T E March 9, 2017 ___________ Introduced by Sens. KLEIN, GALLIVAN, HELMING, MARCHIONE, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education -- recommitted to the Committee on Finance in accordance with Senate Rule 6, sec. 8 -- 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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