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NY A02233
Bill
Status
1/9/2013
Primary Sponsor
Clifford Crouch
Click for details
AI Summary
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Establishes a tax credit for businesses that pay tuition for employees at institutions of higher education in exchange for a commitment to work for the business after graduation.
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Defines eligible tuition as tuition, fees, and textbooks for undergraduate degrees, excluding amounts covered by scholarships, financial aid, or graduate degree programs.
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Limits the credit to 25 percent of tuition paid per individual, capped at $5,000 per qualified individual per year.
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Requires a written agreement between the business and individual specifying minimum salary, required employment duration, and responsibilities if the business ceases operations or the individual fails to complete the degree or work commitment.
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Allows unused credits to carry over to subsequent tax years and applies retroactively to taxable years beginning after January 1, 2012.
Legislative Description
Creates a tax credit for businesses that develop a "college to work" program, paying the tuition of individuals in exchange for the individual committing to work for the business after the individuals graduation from an institution of higher learning; provides the tax credit shall be for twenty-five percent of the individual's tuition expenses not to exceed five thousand dollars.
Last Action
held for consideration in ways and means
6/17/2014