Bill Text: NY S04082 | 2021-2022 | General Assembly | Amended

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Bill Title: Relates to eligibility under the New York state young farmers loan forgiveness incentive program; expands program to farmers who have produced agricultural products for no more than ten years.

Spectrum: Bipartisan Bill

Status: (Passed) 2022-11-21 - SIGNED CHAP.620 [S04082 Detail]

Download: New_York-2021-S04082-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4082--A
            Cal. No. 279

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 2, 2021
                                       ___________

        Introduced  by Sens. HINCHEY, BORRELLO, BRISPORT, COMRIE, HELMING, JACK-
          SON, KRUEGER, MAY -- read twice and ordered printed, and when  printed
          to be committed to the Committee on Higher Education -- recommitted to
          the  Committee  on  Higher Education in accordance with Senate Rule 6,
          sec. 8 -- reported favorably from said committee, ordered to first and
          second report,  ordered  to  a  third  reading,  amended  and  ordered
          reprinted, retaining its place in the order of third reading

        AN ACT to amend the education law, in relation to eligibility and awards
          for  the  New  York  state  young  farmers  loan forgiveness incentive
          program

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section 679-f of the education law, as added by section 1
     2  of part Y of chapter 56 of the laws of  2014,  is  amended  to  read  as
     3  follows:
     4    §  679-f.  New  York  state  young  farmers loan forgiveness incentive
     5  program. 1. Purpose. The president shall grant student loan  forgiveness
     6  awards  for  the  purpose of alleviating the burden of student loan debt
     7  for young farmers. Such awards shall be made on a competitive basis,  in
     8  accordance with rules and regulations promulgated by the corporation for
     9  such  purposes,  to  applicants  who meet the eligibility criteria. Such
    10  rules and regulations shall include provisions for the consideration  of
    11  applicants who are economically disadvantaged.
    12    2.  Eligibility. To be eligible for an award pursuant to this section,
    13  applicants shall: (a) have graduated  and  obtained  a  degree  from  an
    14  approved  New  York state college or university; (b) have an outstanding
    15  student loan debt from obtaining such degree; (c) operate a farm in  New
    16  York  state on a full-time basis; (d) agree to operate such farm for the
    17  duration of no less than five years; (e) [apply for this program  within
    18  two years of college graduation] have produced an "agricultural product"
    19  as  defined by section three hundred twenty-eight of the agriculture and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02880-02-2
        S. 4082--A                          2

     1  markets law, for no more than ten consecutive years; and (f) comply with
     2  subdivisions three and five of section six  hundred  sixty-one  of  this
     3  part.
     4    3.  Awards.  No greater than [ten] twenty-five awards shall be granted
     5  to qualified applicants in the amount of up  to  [ten]  twenty  thousand
     6  dollars  per year, per applicant, not to exceed a duration of five years
     7  and not to exceed the total amount  of  such  applicant's  student  loan
     8  debt.  The  corporation shall grant such awards within amounts appropri-
     9  ated for such purposes and based on the availability of  funds.  No  one
    10  applicant  shall  receive more than a total of [fifty] one hundred thou-
    11  sand dollars upon the end of a five year period.
    12    4. Priority. First priority shall  be  given  to  applicants  who  are
    13  completing  the  second,  third,  fourth or fifth year of full-time farm
    14  operation and are re-applying to receive an award  under  this  program.
    15  Second  priority  shall  be  given  to  an applicant who can demonstrate
    16  economic need but did not receive an award during  [the  first  year  of
    17  this  program's  operation]  a  previous application period.   If larger
    18  numbers of applicants are eligible pursuant  to  this  subdivision  than
    19  funds  available, applicants shall be chosen pursuant to rules and regu-
    20  lations promulgated by the corporation.   Provided, however,  that  each
    21  applicant  chosen  shall receive an award of up to [ten] twenty thousand
    22  dollars in each year such applicant is accepted into the program.
    23    § 2. This act shall take effect on the ninetieth day  after  it  shall
    24  have become a law.