Bill > S00231

This bill introduces the Graduate Outreach Assistance Law, which provides a state income tax exemption for recent college graduates. Specifically, graduates with a four-year degree can exclude the first $250,000 of earnings from state income tax, with an annual cap of $50,000, while graduates with a two-year degree can exclude the first $150,000 of earnings, with an annual cap of $25,000. The tax exemption applies to earnings after graduation and is designed to be an incentive for graduates to remain in or move to New York. The bill amends the existing tax law by adding a new provision that allows graduates to compute their New York taxable income by excluding these specified amounts of post-graduation earnings. The tax exemption will take effect on the first day of January following the bill's enactment and will apply to taxable years beginning on or after that date, potentially providing financial relief and encouragement to recent college graduates in the state.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S231