Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.

The bill proposes a tax exemption for recent college graduates in New York. It would allow four-year college graduates to earn up to $250,000 without paying state income tax, with a limit of $50,000 per year. Two-year college graduates would be exempt on earnings up to $150,000, with a $25,000 annual cap.

Supporters argue that this bill will provide much-needed financial relief to recent graduates, encouraging them to stay in New York and contribute to the state's economy. By reducing the tax burden, it aims to help young professionals establish their careers and achieve financial independence more quickly.

Critics contend that this bill disproportionately benefits higher-income graduates and could lead to a significant loss in state tax revenue. They argue that the funds could be better utilized for broader educational initiatives or support for lower-income residents rather than providing tax breaks to those already earning substantial incomes.