Senate Bill S267A

2023-2024 Legislative Session

Creates a tax credit for employers who help reduce the governmental education loans of their employees

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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

2023-S267 - Details

See Assembly Version of this Bill:
A1756
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S5726, A7491
2019-2020: S1973, A1603
2021-2022: S5244, S8141, A825

2023-S267 - Summary

Creates a tax credit for employers who help reduce the governmental education loans of their employees.

2023-S267 - Sponsor Memo

2023-S267 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    267
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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 59 to read as follows:
   59. 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
 THAN THE AMOUNT PRESCRIBED  IN  PARAGRAPH  (D)  OF  SUBDIVISION  ONE  OF
 SECTION  TWO  HUNDRED  TEN  OF  THIS ARTICLE. IF, HOWEVER, THE AMOUNT OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2023-S267A (ACTIVE) - Details

See Assembly Version of this Bill:
A1756
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S5726, A7491
2019-2020: S1973, A1603
2021-2022: S5244, S8141, A825

2023-S267A (ACTIVE) - Summary

Creates a tax credit for employers who help reduce the governmental education loans of their employees.

2023-S267A (ACTIVE) - Sponsor Memo

2023-S267A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  267--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed  to  be  committed  to  the Committee on Budget and Revenue --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 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
 
   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 59 to read as follows:
   59. 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
 THAN  THE  AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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