Assembly Minority Leader James Tedisco (R,C,I-Schenectady-Saratoga) today urged the state Legislature to pass his "Graduate Outreach Assistance Law," which exempts college graduates with four-year degrees or higher from state Personal Income Tax on the first $250,000 earned after graduation, with a maximum of $50,000 per year.

According to the United States Census, from 1995-2000, 119,666 young, single and college educated New Yorkers moved to other states. The Post-Secondary Education Opportunity's study of college migration found that New York loses 13,072 more graduates each year than it attracts.

"My proposal would provide an incentive for college graduates to stay in New York or return after graduating from college elsewhere," Tedisco said. "New York is the highest taxed state in the nation and while we need to lower all taxes for all New Yorkers, it is imperative that we retain tomorrow's hi-tech and professional work force today just as they are getting started and deciding where to plant roots."

Tedisco said the bill would also offer a similar provision for two-year college graduates, allowing a Personal Income Tax credit for the first $150,000 earned after graduation with a maximum of $25,000 per year.