NY State Senate Bill 2023-S267A

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

Current Bill Status - In Senate Committee Finance 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 14, 2024	reported and committed to finance
Jan 03, 2024	referred to budget and revenue
Feb 14, 2023	reported and committed to finance
Feb 09, 2023	print number 267a
Feb 09, 2023	amend (t) and recommit to budget and revenue
Jan 04, 2023	referred to budget and revenue

Votes

- May 14, 2024 - Budget And Revenue Committee Vote
  S267A
  
  6
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Budget And Revenue Committee Vote: May 14, 2024
      
      aye (6)
      
      Addabbo Jr.
      
      Comrie
      
      Gounardes
      
      Murray
      
      Parker
      
      Weber
      
      aye wr (1)
      
      Krueger
  Feb 14, 2023 - Budget And Revenue Committee Vote
  S267A
  
  5
  
  Aye
  
  1
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Budget And Revenue Committee Vote: Feb 14, 2023
      
      aye (5)
      
      Addabbo Jr.
      
      Comrie
      
      Gounardes
      
      Parker
      
      Weber
      
      nay (1)
      
      Krueger
      
      aye wr (1)
      
      Murray

Bill Amendments

Original

A (Active)

2023-S267 - Details

See Assembly Version of this Bill:: A1756
Current Committee:: Senate Finance
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

                                 
BILL NUMBER: S267

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the tax law, in relation to creating a tax credit for
employers who reduce the governmental education loans of their employees
and said employees who receive such reduction in governmental education
loans

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would create a tax credit for employers who assist their
employees in paying back their governmental education loans that they
received during their time as a student.

 
SUMMARY OF PROVISIONS:

Section 1 amends the Tax Law by adding a new subdivision that allows a
taxpayer a credit if it provides for a payment, on behalf of an employ-
ee, of any debt that the employee owes under a governmental education
loan or any interest relating to such loan.

Section 2 amends paragraph 1 of subsection (i) of section 606 of the tax
law by adding a new clause (xlx).

Section 3 amends section 606 of the tax law by adding two new
subsections, (hhh) which would create an employee indebtedness reduction
credit, and (iii) which would create an employer education loan
reduction credit.

Section 4 states the effective date.

 
JUSTIFICATION:

Governmental loans put financial strain, mental, and physical stress on
those who carry them.This bill provides an incentive for employers to
help relieve some of their employee's financial burdens, via govern-
mental loans, while receiving benefits for doing so. This legislation
would also open up the job market for those who have governmental loans
because they will have an incentive to work for potential companies and
organizations that would be willing to pay their loans. Employers could
use this as both a recruitment and retention strategy for skilled
employees.

 
PRIOR LEGISLATIVE HISTORY:

2022: S8141 - Referred to Budget and Revenue

2021: S5244 - Referred to Budget and Revenue

2019-2020: S1973 - Referred to Investigations and Government Operations

2017-2018: S5726 - Referred to Investigations and Government Operations

 
FISCAL IMPLICATIONS:

TBD

 
EFFECTIVE DATE:
This act shall take effect immediately and apply to taxable years begin-
ning on and after the first of January next succeeding the date on which
it shall have become a law.

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.

                                                            LBD02267-01-3
 S. 267                              2
 
 CREDITS ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES  THE
 TAX  TO  SUCH  AMOUNT,  ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH
 TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
 EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
 SUBSECTION  (C)  OF  SECTION  ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER
 NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by  adding a new clause (xlx) to read as
 follows:
 (XLX) EMPLOYEE INDEBTEDNESS          AMOUNT OF CREDIT
 REDUCTION CREDIT                     UNDER SUBDIVISION
 UNDER SUBSECTION (OOO)               FIFTY-NINE OF SECTION
                                      TWO HUNDRED TEN-B
   § 3. Section 606  of  the  tax  law  is  amended  by  adding  two  new
 subsections (ooo) and (ppp) to read as follows:
   (OOO) EMPLOYEE INDEBTEDNESS REDUCTION CREDIT. (1) ALLOWANCE OF CREDIT.
 A  TAXPAYER  SHALL  BE  ALLOWED  A CREDIT, TO BE COMPUTED AS PROVIDED IN
 PARAGRAPH TWO OF THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS  ARTI-
 CLE,  IF  IT  PROVIDES  FOR  A 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.  FOR PURPOSES OF THIS SUBSECTION,
 "GOVERNMENTAL EDUCATION  LOAN"  SHALL  MEAN  ANY  EDUCATION  LOAN  DEBT,
 INCLUDING JUDGMENTS, OWED TO THE FEDERAL OR NEW YORK STATE GOVERNMENT OR
 ANY OTHER INSTITUTION.
   (2)  AMOUNT OF CREDIT. THE CREDIT ALLOWED PURSUANT TO PARAGRAPH ONE OF
 THIS SUBSECTION 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 SUBSECTION
 SHALL EXCEED TEN THOUSAND DOLLARS FOR EACH  EMPLOYEE  EMPLOYED  BY  SUCH
 EMPLOYER.
   (3)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
 CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
 SHALL BE PAID THEREON.
   (PPP) EMPLOYER EDUCATION LOAN REDUCTION CREDIT. (1) ALLOWANCE OF CRED-
 IT.  A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN
 PARAGRAPH  TWO OF THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE, IF THE TAXPAYER'S EMPLOYER PROVIDES FOR A  PAYMENT,  ON  BEHALF  OF
 SUCH TAXPAYER, OF ANY INDEBTEDNESS OF SUCH TAXPAYER UNDER A GOVERNMENTAL
 EDUCATION  LOAN OR ANY INTEREST RELATING TO SUCH A LOAN. FOR PURPOSES OF
 THIS SUBSECTION, "GOVERNMENTAL EDUCATION LOAN" SHALL MEAN ANY  EDUCATION
 LOAN  DEBT,  INCLUDING  JUDGMENTS, OWED TO THE FEDERAL OR NEW YORK STATE
 GOVERNMENT OR ANY OTHER INSTITUTION.
   (2) AMOUNT OF CREDIT. THE CREDIT ALLOWED PURSUANT TO PARAGRAPH ONE  OF
 THIS  SUBSECTION  SHALL  BE IN AN AMOUNT EQUAL TO THE AMOUNT PAID BY THE
 TAXPAYER'S EMPLOYER TO REDUCE ANY INDEBTEDNESS OF THE TAXPAYER  UNDER  A
 GOVERNMENTAL  EDUCATION  LOAN  OR  ANY INTEREST RELATING TO SUCH A LOAN.
 PROVIDED, HOWEVER, THAT NO SUCH CREDIT  ALLOWED  UNDER  THIS  SUBSECTION
 SHALL EXCEED TEN THOUSAND DOLLARS.
   (3)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
 S. 267                              3
 
 CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
 SHALL BE PAID THEREON.
   § 4. This act shall take effect immediately and apply to taxable years
 beginning  on and after the first of January next succeeding the date on
 which it shall have become a law.

2023-S267A (ACTIVE) - Details

See Assembly Version of this Bill:: A1756
Current Committee:: Senate Finance
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

                                 
BILL NUMBER: S267A

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the tax law, in relation to creating a tax credit for
employers who reduce the governmental education loans of their employees

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would create a tax credit for employers who assist their
employees in paying back their governmental education loans that they
received during their time as a student.

 
SUMMARY OF PROVISIONS:

Section 1 amends the Tax Law by adding a new subdivision that allows a
taxpayer a credit if it provides for a payment, on behalf of an employ-
ee, of any debt that the employee owes under a governmental education
loan or any interest relating to such loan.

Section 2 amends paragraph 1 of subsection (i) of section 606 of the tax

law by adding a new clause (1).

Section 3 amends section 606 of the tax law by adding a new subsection,
(000) which would create an employee indebtedness reduction credit.

Section 4 states the effective date.

 
JUSTIFICATION:

Governmental loans put financial strain, mental, and physical stress on
those who carry them. This bill provides an incentive for employers to
help relieve some of their employee's financial burdens, via govern-
mental loans, while receiving benefits for doing so. This legislation
would also open up the job market for those who have governmental loans
because they will have an incentive to work for potential companies and
organizations that would be willing to pay their loans. Employers could
use this as both a recruitment and retention strategy for skilled
employees.

 
PRIOR LEGISLATIVE HISTORY:

2022: S8141 - Referred to Budget and Revenue

2021: S5244 - Referred to Budget and Revenue

2019-2020: S1973 - Referred to Investigations and Government Operations

2017-2018: S5726 - Referred to Investigations and Government Operations

 
FISCAL IMPLICATIONS:

TBD

 
EFFECTIVE DATE:
This act shall take effect immediately and apply to taxable years begin-
ning on and after the first of January next succeeding the date on which
it shall have become a law.

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.

                                                            LBD02267-02-3
 S. 267--A                           2
 
 SECTION TWO HUNDRED TEN OF THIS ARTICLE.  IF,  HOWEVER,  THE  AMOUNT  OF
 CREDITS  ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE
 TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS  NOT  DEDUCTIBLE  IN  SUCH
 TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
 EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
 SUBSECTION  (C)  OF  SECTION  ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER
 NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of the tax law is amended by adding a new clause (l) to read as follows:
 (L) EMPLOYEE INDEBTEDNESS            AMOUNT OF CREDIT
 REDUCTION CREDIT                     UNDER SUBDIVISION
 UNDER SUBSECTION (OOO)               FIFTY-NINE OF SECTION
                                      TWO HUNDRED TEN-B
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (ooo) to read as follows:
   (OOO) EMPLOYEE INDEBTEDNESS REDUCTION CREDIT. (1) ALLOWANCE OF CREDIT.
 A TAXPAYER SHALL BE ALLOWED A CREDIT, TO  BE  COMPUTED  AS  PROVIDED  IN
 PARAGRAPH  TWO OF THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE, IF IT PROVIDES FOR A 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.  FOR  PURPOSES  OF  THIS  SUBSECTION,
 "GOVERNMENTAL  EDUCATION  LOAN"  SHALL  MEAN  ANY  EDUCATION  LOAN DEBT,
 INCLUDING JUDGMENTS, OWED TO THE FEDERAL OR NEW YORK STATE GOVERNMENT OR
 ANY OTHER INSTITUTION.
   (2) AMOUNT OF CREDIT. THE CREDIT ALLOWED PURSUANT TO PARAGRAPH ONE  OF
 THIS  SUBSECTION  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  SUBSECTION
 SHALL  EXCEED  TEN  THOUSAND  DOLLARS FOR EACH EMPLOYEE EMPLOYED BY SUCH
 EMPLOYER.
   (3) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
 CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
 HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
 SHALL BE PAID THEREON.
   § 4. This act shall take effect immediately and apply to taxable years
 beginning on and after the first of January next succeeding the date  on
 which it shall have become a law.

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