New York A 4082: Relates to creating a vacant redevelopment commercial property exemption

Bill Text

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A04082 Summary:

BILL NOA04082 

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SAME ASNo Same As

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SPONSORCunningham

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COSPNSRJackson, Alvarez, Gibbs, Hyndman, Lunsford

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MLTSPNSR

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Add §679-k, Ed L

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Relates to establishing the New York state loan redemption program for certain public school teachers.

Go to top A04082 Actions:

BILL NOA04082 

&nbsp

01/31/2025referred to higher education

01/07/2026referred to higher education

Go to topA04082 Committee&nbspVotes:

Go to topA04082 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA04082 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4082

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 31, 2025
 ___________

 Introduced by M. of A. CUNNINGHAM, JACKSON, ALVAREZ, GIBBS, HYNDMAN,
 LUNSFORD -- read once and referred to the Committee on Higher Educa-
 tion

 AN ACT to amend the education law, in relation to establishing the New
 York state loan redemption program for certain public school teachers

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The education law is amended by adding a new section 679-k
 2 to read as follows:
 3 § 679-k. New York state loan redemption program for certain public
 4 school teachers. 1. For the purposes of this section, the following
 5 terms shall have the following meanings:
 6 (a) "Eligible student loan expenses" means nine thousand dollars or
 7 the outstanding balance of the principal and interest due on student
 8 loans, whichever is less, used to cover the cost of attendance while
 9 enrolled in an undergraduate or graduate degree program at an institu-
 10 tion of higher education.
 11 (b) "Program participant" means a person who is initially hired by a
 12 school district following the effective date of this section and who
 13 meets the criteria of paragraph (a) of subdivision two of this section,
 14 and who has executed a contract with the corporation for participation
 15 in the loan redemption program. A program participant shall be a resi-
 16 dent of New York state.
 17 (c) "Public school" means a school located in New York, under collegi-
 18 ate grade, which is operated by a school district or a charter school
 19 established pursuant to article fifty-six of this chapter.
 20 (d) "School district" means a common, union free, central, central
 21 high school or city school district.
 22 2. (a) There is established in the corporation a loan redemption
 23 program for public school teachers who meet the following criteria:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01962-01-5

 A. 4082 2

 1 (i) graduated in the top twenty percent of the student's high school
 2 graduating class or scored in the top twenty percent on the Scholastic
 3 Assessment Test (SAT) or the American College Testing (ACT) examination;
 4 (ii) graduated from an institution of higher education with a grade
 5 point average of at least 3.5; and
 6 (iii) teaches science, technology, engineering or mathematics (STEM)
 7 classes or special education.
 8 The program shall provide for the redemption of the eligible student
 9 loan expenses of a program participant following the third consecutive
 10 year of full-time employment as a teacher of science, technology, engi-
 11 neering, mathematics or special education in a public school.
 12 (b) A program participant may redeem eligible student loan expenses
 13 upon execution of a contract between the program participant and the
 14 corporation. The contract shall specify the total amount of debt to be
 15 redeemed by the state in return for service pursuant to paragraph (c) of
 16 this subdivision.
 17 (c) The redemption of loans under the loan redemption program shall
 18 amount to nine thousand dollars or the outstanding balance of the prin-
 19 cipal and interest of eligible student loan expenses, whichever is less,
 20 following the third consecutive year of full-time employment as a teach-
 21 er of science, technology, engineering, mathematics or special education
 22 in a public school. A program participant shall submit to the corpo-
 23 ration proof of eligible employment in a public school prior to redemp-
 24 tion of loan