Bill Text: NY A01368 | 2009-2010 | General Assembly | Introduced
Bill Title: An act to amend the education law and the tax law, in relation to the invest in New York and New York invests in you tuition reimbursement program
Spectrum: Slight Partisan Bill (Democrat 5-3)
Status: (Introduced - Dead) 2010-01-06 - referred to higher education [A01368 Detail]
Download: New_York-2009-A01368-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 1368 2009-2010 Regular Sessions I N A S S E M B L Y (PREFILED) January 7, 2009 ___________ Introduced by M. of A. ENGLEBRIGHT, EDDINGTON, SPANO -- Multi-Sponsored by -- M. of A. ALFANO, BARRA, DESTITO, PHEFFER, SWEENEY, WEISENBERG -- read once and referred to the Committee on Higher Education AN ACT to amend the education law and the tax law, in relation to the invest in New York and New York invests in you tuition reimbursement program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The education law is amended by adding a new article 14-B 2 to read as follows: 3 ARTICLE 14-B 4 INVEST IN NEW YORK AND 5 NEW YORK INVESTS IN YOU 6 SECTION 696. INVEST IN NEW YORK AND NEW YORK INVESTS IN YOU TUITION 7 REIMBURSEMENT PROGRAM. 8 S 696. INVEST IN NEW YORK AND NEW YORK INVESTS IN YOU TUITION 9 REIMBURSEMENT PROGRAM. 1. THERE IS HEREBY ESTABLISHED AN INVEST IN NEW 10 YORK AND NEW YORK INVESTS IN YOU TUITION REIMBURSEMENT PROGRAM. SUCH 11 PROGRAM SHALL ESTABLISH A PERSONAL INCOME TAX DEDUCTION EQUAL TO 12 ONE-HALF OF THE STUDENT LOAN EXPENSE PAID DURING EACH TAXABLE YEAR FOR 13 THE TEN YEARS IMMEDIATELY FOLLOWING GRADUATION FROM ANY COLLEGE OR 14 UNIVERSITY OF THE STATE UNIVERSITY OF NEW YORK OR THE CITY UNIVERSITY OF 15 NEW YORK. SUCH TAX DEDUCTION SHALL APPLY ONLY TO PERSONS WHO ARE RESI- 16 DENTS OF THE STATE AND ARE EMPLOYED IN THE STATE FOLLOWING GRADUATION. 17 2. FOR THE PURPOSES OF THIS SECTION, "STUDENT LOAN EXPENSE" SHALL MEAN 18 THE CUMULATIVE TOTAL OF THE ANNUAL STUDENT LOANS COVERING THE COST OF 19 ATTENDANCE AT AN UNDERGRADUATE AND/OR GRADUATE COLLEGE AND/OR UNIVERSITY 20 OF THE STATE UNIVERSITY OF NEW YORK AND/OR THE CITY UNIVERSITY OF NEW 21 YORK, AND ANY INTEREST THEREON. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04207-01-9 A. 1368 2 1 3. THE COMMISSIONER AND THE COMMISSIONER OF TAXATION AND FINANCE SHALL 2 JOINTLY PROMULGATE ALL RULES AND REGULATIONS NECESSARY TO IMPLEMENT THE 3 PROVISIONS OF THIS SECTION. 4 S 2. Subsection (c) of section 612 of the tax law is amended by adding 5 a new paragraph 39 to read as follows: 6 (39) ONE-HALF OF THE TAXPAYER'S STUDENT LOAN EXPENSE PAID DURING THE 7 TAXABLE YEAR SUBJECT TO THE PROVISIONS OF SECTION SIX HUNDRED NINETY-SIX 8 OF THE EDUCATION LAW. 9 S 3. This act shall take effect on the first of January next succeed- 10 ing the date on which it shall have become a law; provided that any 11 rules and regulations necessary to implement the provisions of this act 12 on its effective date are authorized and directed to be promulgated and 13 completed on or before such date.