Assemblyman Billy Jones (D-Chateaugay) has introduced legislation creating a tax credit for employers who assist workers paying off their higher education student loans (A.7491/S.7526).

“Far too many recent graduates and young professionals are drowning in student loan debt,” Jones said. “If they can’t find employment or their jobs can’t meet their financial needs, they’ll leave the region and potentially, the state. This bill encourages hardworking graduates to seek gainful employment here in the North Country.”

Over the last decade, student loan debt in New York has more than doubled, with a total estimate of $82 billion being owed. Senior college student, Chris Gray noted that the bill would serve as a great marketing plan for businesses throughout the region.

“I’d support any legislation that would make it more affordable for people like myself to pay back their student loans. I think it’s an awesome opportunity for participating businesses to make their job openings more appealing to prospective employees,” said Gray.

Aaron Benner, Co-Owner of Internet Marketing Company, Boire Benner Group, called the a bill “a win-win for both parties”. “We live in an area in which it is vital to attract and retain new talent. With continued manufacturing and economic growth throughout the region, we must provide our trained workforce with incentives to meet their career expectations”, said Benner.

Benner added, “I believe this bill will go a long way in helping college graduates better afford their loans and convince them to put down roots in the North Country.”

Jones’ bipartisan legislation has been introduced by Senator Betty Little in the New York State Senate. The legislation provides employers with a tax credit worth up to $10,000 in exchange for helping employees repay federal and state loans. “Offering to help pay off student loans is a great incentive for employers seeking high-caliber job candidates,” said Senator Betty Little. “Obviously paying a portion or all of the loan comes at a cost to the employer. This tax credit would help offset some of that cost, a benefit to both employers and prospective employees, many of whom have a lot of college debt.”

Jones also noted that this initiative will incentivize companies and organizations to help employees pay off their loans and boost job retention, while lessening the burden of crippling debt on North Country families.

“This legislation is good for our businesses and it’s good for our graduates struggling to repay their student loans,” said Jones. “This bill will cut taxes for employers and help our local communities retain these skilled, capable workers!”