Bill > S00267

This bill creates a tax credit for employers who help reduce the governmental education loans of their employees. The credit is equal to the amount the employer pays towards an employee's governmental education loan or interest on such a loan, up to a maximum of $10,000 per employee. The credit can be used to offset the employer's tax liability, and any unused credit will be treated as an overpayment to be credited or refunded, though no interest will be paid on the overpayment. The bill defines a "governmental education loan" as any education loan debt, including judgments, owed to the federal or New York state government or any other institution.