Bill > S01973

This bill creates a tax credit for employers who help reduce the governmental education loans of their employees, as well as a tax credit for employees who receive such a reduction in their governmental education loans. The key provisions of the bill are: 1. Employers can claim a tax credit of up to $10,000 per employee for payments they make towards the employee's governmental education loan or interest on such a loan. 2. Employees can claim a tax credit for the amount their employer pays towards reducing their governmental education loan or interest on such a loan, up to $10,000. 3. The credits can be carried forward as overpayments of tax if they exceed the taxpayer's liability for the year. 4. The bill defines "governmental education loan" as any education loan debt, including judgments, owed to the federal or New York state government or any other institution. The bill is intended to provide financial incentives for employers to help their employees reduce their government-issued education debt, which can be a significant burden for many individuals.