NY S01674

Creates the "Employee Indebtedness Reduction Credit" allowing employers to claim a tax credit equal to payments made toward employees' higher education loan principal or interest

Caps the credit at $10,000 per employee per year

Defines "higher education loan" as undergraduate education debt owed to federal government, New York State, or any other institution, including judgments

Applies to three tax categories: corporate franchise tax, personal income tax, and insurance corporation tax

Excess credits that reduce tax below minimum thresholds can be refunded or carried forward to subsequent years, though no interest is paid on refunds