Bill > A00825

This bill creates a tax credit for employers who help reduce the governmental education loans of their employees, and for employees who receive such a reduction in their governmental education loans. The key provisions of the bill include: - Allowing employers to claim a tax credit equal to the amount they pay towards their employees' governmental education loan indebtedness or interest, up to a maximum of $10,000 per employee. - Allowing employees to claim a tax credit equal to the amount their employer pays towards their governmental education loan indebtedness or interest, up to a maximum of $10,000. - Defining "governmental education loan" as any education loan debt, including judgments, owed to the federal or New York state government or any other institution. - Specifying that the credits can be claimed as overpayments of tax, to be credited or refunded, but no interest will be paid on them. - Stating that the bill will take effect immediately and apply to taxable years beginning on or after January 1st of the year it becomes law.