New York S 3244: Establishes the small business employees loan forgiveness incentive program

Bill Text

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S03244 Summary:

BILL NOS03244 

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SAME ASNo Same As

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SPONSORCOONEY

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COSPNSR

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MLTSPNSR

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Add §679-k, Ed L

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Establishes the small business employees loan forgiveness incentive program for applicants who agree to engage in employment at a small business registered to do business in New York state; establishes the eligibility for such awards; establishes the amount and duration of such awards.

Go to top S03244 Actions:

BILL NOS03244 

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01/24/2025REFERRED TO HIGHER EDUCATION

01/07/2026REFERRED TO HIGHER EDUCATION

Go to topS03244 Committee&nbspVotes:

Go to topS03244 Floor&nbspVotes:

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

Go to topS03244 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3244

 2025-2026 Regular Sessions

 IN SENATE

 January 24, 2025
 ___________

 Introduced by Sen. COONEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Higher Education

 AN ACT to amend the education law, in relation to creating the small
 business employees loan forgiveness incentive program

 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 small business employees loan forgiveness
 4 incentive program. 1. Purpose. The president shall grant student loan
 5 forgiveness awards for the purpose of increasing the number of individ-
 6 uals who choose to work for a small business in New York state.
 7 2. Eligibility. (a) To be eligible to receive an award pursuant to
 8 this section, an applicant must be a resident of New York state who has
 9 graduated from an institution of higher education and has an outstanding
 10 student loan debt.
 11 (b) Such awards shall be made annually to eligible applicants who,
 12 prior to accepting such awards, engaged in twelve months of service as
 13 an employee of a small business registered to do business in the state
 14 of New York and, have an annual salary of fifty thousand dollars or
 15 less. Such awards shall not exceed an amount of twelve thousand five
 16 hundred dollars and shall be made to such applicants, pursuant to the
 17 following schedule:
 18 (i) ten percent to be awarded upon the completion of the first year;
 19 (ii) ten percent to be awarded upon the completion of the second year;
 20 (iii) ten percent to be awarded upon the completion of the third year;
 21 (iv) ten percent to be awarded upon the completion of the fourth year;
 22 (v) ten percent to be awarded upon the completion of the fifth year;
 23 (vi) ten percent to be awarded upon the completion of the sixth year;
 24 (vii) ten percent to be awarded upon the completion of the seventh
 25 year;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03162-01-5

 S. 3244 2

 1 (viii) ten percent to be awarded upon the completion of the eighth
 2 year;
 3 (ix) ten percent to be awarded upon the completion of the ninth year;
 4 and
 5 (x) ten percent to be awarded upon the completion of the tenth year.
 6 (c) Recipients of such awards shall be eligible to apply for other
 7 awards established under this chapter.
 8 3. Duration. Such awards shall be made annually, for no more than ten
 9 years, to applicants who remain eligible under this section and who are
 10 certified as such by the corporation.
 11 4. Amount. The corporation shall grant such awards within the amounts
 12 appropriated for such purpose and based on the availability of funds in
 13 an amount not to exceed the total cost of the completion of such degree
 14 programs. Cost of completion of such degrees shall include: tuition at
 15 an institution of higher education approved or registered by the regents
 16 and other required or reasonable student fees.
 17 5. Definition. For the purposes of this section, "small business"
 18 shall have the same meaning as such term is defined in section one
 19 hundred thirty-one of the economic development law.
 20 6. Rules and regulations. Awards shall be made on a competitive basis
 21 as promulgated by the corporation for such purposes to applicants who
 22 meet the eligibility cr