Provides for a personal income tax deduction for student loan payments

◆ The sponsor's argument

Why Leroy Comrie says this is needed

Overwhelming student loan debt can have the effect of stalling career, life, and financial advancement for young New Yorkers. This bill will give working New Yorkers a direct tax break by excluding up to $5,000 from their state income each year when an employer helps facilitate payment of employee student loan debt or contribution to a 529 plan. These payments would be made automatically through payroll using systems employers already have in place. Student loans are becoming more and more a necessity, with public-university tuitions more than doubling in the past twenty years, well above the rate of inflation. Borrowers now hold more than $1 trillion in student loan debt - more than credit cards and second to only mortgages. When we address student loan debt, we allow individuals that have gone to college the opportunity to make greater contributions to the circular economy, which helps build communities and support. local businesses. In an era of unaffordability, this bill presents a solution to assist indi- viduals, families, and increase consumer spending across New York. Economically, this measure would assist not just those who have obtained a degree from a college or university, but also those who have not by shoring up additional monies for college educated individuals to spend on contracting, restaurants, and other business sectors consisting of those who perhaps have not gone to college.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.