Senate Bill S5136

2017-2018 Legislative Session

Establishes the college debt freedom account pilot program

download bill text pdf

Sponsored By

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

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Bill Amendments

co-Sponsors

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 - Summary

Establishes the college debt freedom account pilot program to provide a tax credit for employer contributions toward student loans.

2017-S5136 - Sponsor Memo

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

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) - Summary

Establishes the college debt freedom account pilot program to provide a tax credit for employer contributions toward student loans.

2017-S5136A (ACTIVE) - Sponsor Memo

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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