This bill proposes allowing New York state residents to deduct up to $5,000 of their annual student loan payments from their state taxable income. It applies to individuals who have taken out loans for their own education or for their spouse and dependents, covering payments made directly, by an employer, or through payroll deductions. The tax benefit would begin for tax years starting on or after January 1, 2028, and includes payments toward certain 529 college savings plans. Currently, the legislation is under review by the state's Budget and Revenue Committee.
Relates to allowing for students in certain postsecondary education experience or transition programs to receive awards from the tuition assistance program.
Qualifies the permitted use of proceeds from the lease of lands located at the state university of New York at Purchase shall go to New York state resident students who are eligible to receive a federal Pell grant.
Provides an earned income tax credit to youth workers; increases the standard deduction for individuals eighteen to twenty-four years of age; provides for the deduction of student loan interest; provides for the expiration of such provisions.
Prohibits the higher education services corporation from seeking recovery of awards made in error during certain academic years due to administrative error.
This bill expands eligibility for New York's veterans tuition awards program to include Purple Heart recipients. It adds "Purple Heart recipient" to the list of qualifying veterans under the education law, defining it as someone awarded the Purple Heart under federal military law (10 U.S.C. §§ 1129 or 1129-a). The change allows Purple Heart recipients to access the same tuition assistance benefits previously available to other veterans, including up to eight full-time semesters of coverage at approved schools. The bill modifies existing eligibility language to explicitly include this group without creating new funding or altering benefit amounts.
Renames an office of addiction services and supports scholarship program the "NYS Father Peter Young Memorial Addiction Professionals Scholarship Program"; codifies the purposes of such program as offering financial education assistance to individuals pursuing a bachelor's degree in addiction studies or the education requirements for an office of addiction services and supports credential at Alfred State College, Stony Brook University or Empire State University.
Enacts the "Lifeguard incentive and debt assistance (LIDA) act", which provides financial aid assistance to eligible students working as lifeguards during such students' academic career at a college or university in the state of New York; provides a one-time debt relief check to post-graduate students who maintain an active lifeguard certification for four years.
Allows the higher education services corporation to consider an applicant's change in income due to the loss of employment in determining eligibility and award amount for the tuition assistance program.
Establishes graduate tuition assistance program awards; sets amounts of such awards; provides for restrictions on such awards; makes related provisions.
