Senate Bill S1098

2023-2024 Legislative Session

Establishes the New York college debt repayment program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Higher Education 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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2023-S1098 (ACTIVE) - Details

Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §355-f, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: S5648
2019-2020: S2186
2021-2022: S3315

2023-S1098 (ACTIVE) - Summary

Establishes the New York college debt repayment program.

2023-S1098 (ACTIVE) - Sponsor Memo

2023-S1098 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1098
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced by Sens. BAILEY, HINCHEY, SEPULVEDA -- read twice and ordered
   printed,  and  when printed to be committed to the Committee on Higher
   Education
 
 AN ACT to amend the education law, in relation to establishing  the  New
   York college debt repayment 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  355-f
 to read as follows:
   §  355-F.  NEW  YORK COLLEGE DEBT REPAYMENT PROGRAM. 1. A COLLEGE DEBT
 REPAYMENT PROGRAM MAY BE ESTABLISHED BY ANY RESIDENT OF THIS STATE.  THE
 EARNINGS  FROM  THE  PROGRAM SHALL GROW FEDERALLY AND STATE TAX-DEFERRED
 AND WITHDRAWALS FOR QUALIFIED EXPENSES SHALL NOT BE SUBJECT TO STATE  OR
 FEDERAL INCOME TAX.
   2. FOR PURPOSES OF THIS SECTION:
   (A)  THE  TERM "COLLEGE DEBT REPAYMENT PROGRAM" MEANS A PROGRAM ESTAB-
 LISHED AND MAINTAINED BY THIS STATE OR AGENCY OR INSTRUMENTALITY THEREOF
 OR BY ONE OR  MORE  ELIGIBLE  EDUCATIONAL  INSTITUTIONS  UNDER  WHICH  A
 PERSON:
   I.  MAY  PAY  OFF  DEBT INCURRED BY TUITION CREDITS OR CERTIFICATES ON
 BEHALF OF A DESIGNATED BENEFICIARY WHICH ENTITLE THE BENEFICIARY TO  THE
 WAIVER OR PAYMENT OF DEBT INCURRED FROM HIGHER EDUCATION EXPENSES OF THE
 BENEFICIARY, OR
   II.  IN THE CASE OF A PROGRAM ESTABLISHED AND MAINTAINED BY THIS STATE
 OR AGENCY OR INSTRUMENTALITY  THEREOF,  MAY  MAKE  CONTRIBUTIONS  TO  AN
 ACCOUNT  WHICH  IS  ESTABLISHED  FOR  THE  PURPOSE  OF  MEETING THE DEBT
 INCURRED BY QUALIFIED HIGHER EDUCATION EXPENSES OF THE DESIGNATED  BENE-
 FICIARY OF THE ACCOUNT.
   (B)  THE  TERM  "MEMBER OF THE FAMILY" MEANS ANY SPOUSE, CHILD, GRAND-
 CHILD OR FIRST DEGREE COUSIN OF ANY DESIGNATED BENEFICIARY.
   (C) THE TERM "DESIGNATED BENEFICIARY" MEANS:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03288-01-3
              

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