Bill Text: NY A02976 | 2015-2016 | General Assembly | Introduced

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Bill Title: Establishes a college student expense personal income tax credit for a taxpayer or his or her dependents who are enrolled full-time in an undergraduate college, equal to the amount paid for new and used required textbooks and laptop computers not to exceed one thousand dollars.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2016-06-14 - held for consideration in ways and means [A02976 Detail]

Download: New_York-2015-A02976-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2976
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 20, 2015
                                      ___________
       Introduced  by  M. of A. FITZPATRICK, MONTESANO -- Multi-Sponsored by --
         M. of A. RA, TENNEY -- read once and referred to the Committee on Ways
         and Means
       AN ACT to amend the tax law,  in  relation  to  establishing  a  college
         student expense personal income tax credit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
    2  subsection (ccc) to read as follows:
    3    (CCC)  COLLEGE  STUDENT  EXPENSE.  (1)  GENERAL.  A  TAXPAYER SHALL BE
    4  ALLOWED A CREDIT AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE,  WHERE  THE
    5  TAXPAYER  IS  A  NEW  YORK  STATE  RESIDENT AND HE OR SHE, OR HIS OR HER
    6  DEPENDENTS, ARE ENROLLED FULL-TIME IN AN UNDERGRADUATE COLLEGE.
    7    (2) AMOUNT OF CREDIT. THE AMOUNT OF  THE  CREDIT  AUTHORIZED  BY  THIS
    8  SUBSECTION  SHALL  BE  THE TAXPAYER'S EXPENSES FOR NEW AND USED REQUIRED
    9  TEXTBOOKS AND LAPTOP COMPUTERS, IN AN AMOUNT NOT TO EXCEED ONE  THOUSAND
   10  DOLLARS.
   11    (3)  REFUNDABILITY.  IF  THE  AMOUNT  OF THE CREDIT ALLOWED UNDER THIS
   12  SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
   13  YEAR, THE EXCESS SHALL BE  TREATED  AS  AN  OVERPAYMENT  OF  TAX  TO  BE
   14  REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHT-
   15  Y-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID
   16  THEREON.
   17    (4) DEFINITION. "DEPENDENTS" SHALL HAVE THE SAME MEANING AS DEFINED IN
   18  SECTION  ONE  HUNDRED  FIFTY-TWO  OF  THE UNITED STATES INTERNAL REVENUE
   19  CODE.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05734-01-5