Bill > A00175

This bill creates a tax credit for businesses that develop a "college to work" program, which allows companies to pay for an individual's tuition in exchange for a commitment to work for the business after graduation. The tax credit would cover 25% of the individual's tuition expenses, not to exceed $5,000 per year for each qualified individual. To be eligible, the program requires a written agreement between the business and the student that outlines employment terms, including minimum salary and employment duration. The program defines a "qualified individual" as someone who is not a spouse, child, or dependent of the taxpayer or its employees. The bill specifies that "tuition" includes enrollment fees, textbooks, and excludes amounts already covered by scholarships or financial aid. The credit applies to students attending accredited institutions of higher education and can be carried forward to future tax years if the full credit cannot be used in a single year. The bill will take effect immediately and apply to all taxable years beginning after January 1, 2025, providing businesses with an incentive to invest in workforce development and help students manage educational expenses.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A175