Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to higher education |
Jan 28, 2021 |
referred to higher education |
Senate Bill S3315
2021-2022 Legislative Session
Sponsored By
(D) 36th Senate District
Archive: Last 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
Actions
co-Sponsors
(D, WF) 41st Senate District
(D) 32nd Senate District
2021-S3315 (ACTIVE) - Details
- Current Committee:
- Senate Higher Education
- Law Section:
- Education Law
- Laws Affected:
- Add §355-e, Ed L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018:
S5648
2019-2020: S2186
2023-2024: S1098
2021-S3315 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3315 SPONSOR: BAILEY TITLE OF BILL: An act to amend the education law, in relation to establishing the New York college debt repayment program PURPOSE OR GENERAL IDEA OF THE BILL: To amend the education law, in relation to establishing the New York college debt repayment program. SUMMARY OF SPECIFIC PROVISIONS: The education law is amended by adding a new section 355-d which will allow a New York College debt repayment program this will establish: 1. A savings program that can be established by any resident of this state in which the earnings from said program shall grow federally and state tax deferred and withdrawals for qualified expenses shall not be
2021-S3315 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3315 2021-2022 Regular Sessions I N S E N A T E January 28, 2021 ___________ Introduced by Sens. BAILEY, 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-e to read as follows: § 355-E. 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. LBD07056-01-1
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