Assembly Bill A825

2021-2022 Legislative Session

Creates a tax credit for employers who help reduce the governmental education loans their employees and said employees who receive such reduction in governmental education loans

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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

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Bill Amendments

co-Sponsors

multi-Sponsors

2021-A825 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A7491
2019-2020: A1603
2023-2024: A1756

2021-A825 - Summary

Creates a tax credit for employers who help reduce the governmental education loans of their employees and said employees who receive such reduction in governmental education loans.

2021-A825 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    825
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of  A.  JONES,  COLTON,  DICKENS, WALLACE, WILLIAMS,
   J. RIVERA, MORINELLO, BLANKENBUSH, HEVESI, CARROLL --  Multi-Sponsored
   by  --  M.  of  A. SIMON -- read once and referred to the Committee on
   Ways and Means

 AN ACT to amend the tax law, in relation to creating a  tax  credit  for
   employers who reduce the governmental education loans of their employ-
   ees  and  said  employees  who  receive such reduction in governmental
   education loans
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  210-B  of the tax law is amended by adding a new
 subdivision 55 to read as follows:
   55. EMPLOYEE INDEBTEDNESS REDUCTION CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  PARA-
 GRAPH  (B) OF THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE,
 IF IT PROVIDES FOR A PAYMENT, ON BEHALF OF AN EMPLOYEE, OF  ANY  INDEBT-
 EDNESS OF THE EMPLOYEE UNDER A GOVERNMENTAL EDUCATION LOAN OR ANY INTER-
 EST  RELATING TO SUCH A LOAN. FOR PURPOSES OF THIS SUBDIVISION, "GOVERN-
 MENTAL EDUCATION LOAN" SHALL MEAN ANY  EDUCATION  LOAN  DEBT,  INCLUDING
 JUDGMENTS, OWED TO THE FEDERAL OR NEW YORK STATE GOVERNMENT OR ANY OTHER
 INSTITUTION.
   (B)  AMOUNT OF CREDIT. THE CREDIT ALLOWED PURSUANT TO PARAGRAPH (A) OF
 THIS SUBDIVISION SHALL BE IN AN AMOUNT EQUAL TO THE TAXPAYER'S  PAYMENT,
 ON  BEHALF  OF  AN EMPLOYEE, OF ANY INDEBTEDNESS OF THE EMPLOYEE UNDER A
 GOVERNMENTAL EDUCATION LOAN OR ANY INTEREST RELATING  TO  SUCH  A  LOAN.
 PROVIDED,  HOWEVER,  THAT  NO SUCH CREDIT ALLOWED UNDER THIS SUBDIVISION
 SHALL EXCEED TEN THOUSAND DOLLARS FOR EACH  EMPLOYEE  EMPLOYED  BY  SUCH
 EMPLOYER.
   (C)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

co-Sponsors

multi-Sponsors

2021-A825A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A7491
2019-2020: A1603
2023-2024: A1756

2021-A825A (ACTIVE) - Summary

Creates a tax credit for employers who help reduce the governmental education loans of their employees and said employees who receive such reduction in governmental education loans.

2021-A825A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  825--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of  A.  JONES,  COLTON,  DICKENS, WALLACE, WILLIAMS,
   J. RIVERA, MORINELLO, BLANKENBUSH, HEVESI, CARROLL --  Multi-Sponsored
   by  --  M.  of  A. SIMON -- read once and referred to the Committee on
   Ways and Means -- recommitted to the Committee on Ways  and  Means  in
   accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT  to  amend the tax law, in relation to creating a tax credit for
   employers who reduce the governmental education loans of their employ-
   ees and said employees who  receive  such  reduction  in  governmental
   education loans
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 210-B of the tax law is amended  by  adding  a  new
 subdivision 58 to read as follows:
   58. EMPLOYEE INDEBTEDNESS REDUCTION CREDIT. (A) ALLOWANCE OF CREDIT. A
 TAXPAYER  SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN PARA-
 GRAPH (B) OF THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS  ARTICLE,
 IF  IT  PROVIDES FOR A PAYMENT, ON BEHALF OF AN EMPLOYEE, OF ANY INDEBT-
 EDNESS OF THE EMPLOYEE UNDER A GOVERNMENTAL EDUCATION LOAN OR ANY INTER-
 EST RELATING TO SUCH A LOAN. FOR PURPOSES OF THIS SUBDIVISION,  "GOVERN-
 MENTAL  EDUCATION  LOAN"  SHALL  MEAN ANY EDUCATION LOAN DEBT, INCLUDING
 JUDGMENTS, OWED TO THE FEDERAL OR NEW YORK STATE GOVERNMENT OR ANY OTHER
 INSTITUTION.
   (B) AMOUNT OF CREDIT. THE CREDIT ALLOWED PURSUANT TO PARAGRAPH (A)  OF
 THIS  SUBDIVISION SHALL BE IN AN AMOUNT EQUAL TO THE TAXPAYER'S PAYMENT,
 ON BEHALF OF AN EMPLOYEE, OF ANY INDEBTEDNESS OF THE  EMPLOYEE  UNDER  A
 GOVERNMENTAL  EDUCATION  LOAN  OR  ANY INTEREST RELATING TO SUCH A LOAN.
 PROVIDED, HOWEVER, THAT NO SUCH CREDIT ALLOWED  UNDER  THIS  SUBDIVISION
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05426-02-2
              

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