Assembly Bill A1756A

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 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

2023-A1756 - Details

See Senate Version of this Bill:
S267
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, S5726
2019-2020: A1603, S1973
2021-2022: A825, S5244, S8141

2023-A1756 - Summary

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

2023-A1756 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1756
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2023
                                ___________
 
 Introduced  by  M.  of  A.  JONES,  COLTON,  DICKENS, WALLACE, WILLIAMS,
   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 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.
                                                            LBD02267-01-3
              

co-Sponsors

multi-Sponsors

2023-A1756A (ACTIVE) - Details

See Senate Version of this Bill:
S267
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, S5726
2019-2020: A1603, S1973
2021-2022: A825, S5244, S8141

2023-A1756A (ACTIVE) - Summary

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

2023-A1756A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1756--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2023
                                ___________
 
 Introduced  by  M.  of  A.  JONES,  COLTON,  DICKENS, WALLACE, WILLIAMS,
   RIVERA, MORINELLO, BLANKENBUSH, HEVESI, CARROLL -- Multi-Sponsored  by
   --  M.  of A. SIMON -- read once and referred to the Committee on Ways
   and Means -- 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.
                                                            LBD02267-03-3
              

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