New York S 8141: Creates a tax credit for employers who help reduce the governmental education loans of their employees and said employees who receive such reduction in governmental education loans

Bill Text

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S08141 Summary:

BILL NOS08141A

&nbsp

SAME ASSAME AS A11516

&nbsp

SPONSORJACKSON

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§604-j & 613, R & SS L

&nbsp

Modifies the definition of additional member contributions and basic member contributions for certain New York city employees' retirement system members who are subject to the twenty-five year retirement program for fire protection inspector members under Article 15 of the retirement and social security law, to allow such additional member contributions to be used to offset a deficit of basic member contributions, or to allow an excess of basic member contributions to offset a deficit of additional member contributions.

Go to top S08141 Actions:

BILL NOS08141A

&nbsp

05/15/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

05/18/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

05/18/2026PRINT NUMBER 8141A

Go to topS08141 Committee&nbspVotes:

Go to topS08141 Floor&nbspVotes:

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

Go to topS08141 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8141--A

 2025-2026 Regular Sessions

 IN SENATE

 May 15, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions
 -- recommitted to the Committee on Civil Service and Pensions in
 accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the retirement and social security law, in relation to
 the definition of additional member contributions and basic member
 contributions for certain New York city employees' retirement system
 members who are subject to the twenty-five year retirement program for
 fire protection inspector members under Article 15 of the retirement
 and social security law, to allow such additional member contributions
 to be used to offset a deficit of basic member contributions, or to
 allow an excess of basic member contributions to offset a deficit of
 additional member contributions

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

 1 Section 1. Subparagraph (i) of paragraph 10 of subdivision e of
 2 section 604-j of the retirement and social security law, as added by
 3 section 1 of part EE of chapter 55 of the laws of 2024, is amended to
 4 read as follows:
 5 (i) Such additional member contributions (and any interest thereon)
 6 shall be paid into the contingent reserve fund of the retirement system
 7 of which the participant is a member and shall not for any purpose be
 8 deemed to be member contributions or accumulated contributions of a
 9 member under section six hundred thirteen of this article or otherwise
 10 while they are a participant in the twenty-five year retirement program
 11 or otherwise, except that a surplus of such additional member contrib-
 12 utions that are paid into the retirement system's contingent reserve
 13 fund may be used for the sole purpose of offsetting a deficit.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10363-02-6

 S. 8141--A 2

 1 § 2. Subdivision h of section 613 of the retirement and social securi-
 2 ty law, as amended by chapter 448 of the laws of 2018, is amended to
 3 read as follows:
 4 h. Notwithstanding any other provision of law to the contrary, a
 5 participant may use any excess basic member contributions to offset a
 6 deficit of additional member contributions as required pursuant to
 7 sections six hundred four-a, six hundred four-b, six hundred four-c, as
 8 added by chapter 96 of the laws of 1995, six hundred four-c, as added by
 9 chapter 472 of the laws of 1995, six hundred four-d, six hundred four-e,
 10 as added by chapter 576 of the laws of 2000, six hundred four-e, as
 11 added by chapter 577 of the laws of 2000, six hundred four-f, as added
 12 by chapter 559 of the laws of 2001, six hundred four-f, as added by
 13 chapter 582 of the laws of 2001, six hundred four-g, [and] six hundred
 14 four-h, and six hundred four-j of this article. The use of basic member
 15 contributions to o