New York S 1125: Relates to allowing telecommunication companies to block incoming calls from certain numbers

Bill Text

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S01125 Summary:

BILL NOS01125 

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SAME ASNo Same As

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SPONSOROBERACKER

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COSPNSRBORRELLO, GALLIVAN, RHOADS

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MLTSPNSR

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Add §682, Ed L; amd §§208 & 612, Tax L

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Establishes student loan repayment accounts; authorizes employers to establish student loan repayment accounts and provide matching funds up to $5000 a year; establishes tax deductions for participating employers.

Go to top S01125 Actions:

BILL NOS01125 

&nbsp

01/08/2025REFERRED TO HIGHER EDUCATION

01/07/2026REFERRED TO HIGHER EDUCATION

Go to topS01125 Committee&nbspVotes:

Go to topS01125 Floor&nbspVotes:

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

Go to topS01125 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1125

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sens. OBERACKER, BORRELLO, GALLIVAN, RHOADS -- read twice
 and ordered printed, and when printed to be committed to the Committee
 on Higher Education

 AN ACT to amend the education law and the tax law, in relation to estab-
 lishing student loan repayment accounts

 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 682 to
 2 read as follows:
 3 § 682. Student loan repayment accounts. 1. An employer is hereby
 4 authorized to establish student loan repayment accounts which shall
 5 permit their employees to deposit a portion of their pre-tax income, up
 6 to five thousand dollars annually, into such accounts solely for under-
 7 graduate or graduate student loan repayments. Employers electing to
 8 establish such accounts may contribute matching funds to an employee's
 9 student loan repayment account and shall receive a tax deduction for
 10 such contributions. Such contribution may be up to a maximum of one
 11 hundred percent of the employee's deposit, up to five thousand dollars
 12 annually, per employee account.
 13 2. For the purposes of this section, "student loan" shall mean the
 14 cumulative total of the annual student loans covering the cost of
 15 attendance at an undergraduate or graduate college or university, and
 16 any interest thereon.
 17 3. Employee student loan repayment accounts shall be established for
 18 the deposit of funds to be used by the employee solely for repayment of
 19 student loans. Such accounts shall be managed by the comptroller and the
 20 higher education services corporation. All participating employers and
 21 employees shall provide the comptroller and the corporation with all
 22 necessary information in order to implement the provisions of this
 23 section.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03495-01-5

 S. 1125 2

 1 4. Moneys in a student loan repayment account shall be available only
 2 for repayments of student loans as defined in this section. Any with-
 3 drawal or distribution from a student loan repayment account which
 4 violated the provisions of this subdivision shall be subject to a penal-
 5 ty of ten percent on any such withdrawal or distribution.
 6 5. The commissioner and the commissioner of taxation and finance shall
 7 jointly promulgate rules and regulations necessary to implement the
 8 provisions of this section.
 9 § 2. Subdivision 9 of section 208 of the tax law is amended by adding
 10 a new paragraph (u) to read as follows:
 11 (u) A taxpayer establishing student loan repayment accounts pursuant
 12 to section six hundred eighty-two of the education law shall be allowed
 13 a deduction from entire net income in an amount equal to the total
 14 amount of matching contributions made to employees' student loan repay-
 15 ment accounts by a taxpayer during the taxable year.
 16 § 3. Subsection (c) of section 612 of the tax law is amended by adding
 17 a new paragraph 17 to read as follows:
 18 (17) The amount equal to the total amount of matching contributions
 19 made by a taxpayer during the taxable year to employees' student loan
 20 repayment accounts established pursuant to section six hundred eighty-
 21 two of the education law.
 22 § 4. Notwithstanding any provision of the tax law to the contrary, the
 23 aggregate