Senate Bill S3315

2021-2022 Legislative Session

Establishes the New York college debt repayment program

download bill text pdf

Sponsored By

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

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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) - Summary

Establishes the New York college debt repayment program.

2021-S3315 (ACTIVE) - Sponsor Memo

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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