Bill Text: NY A05669 | 2019-2020 | General Assembly | Introduced

Bill Title: Increases the personal income tax credit for college tuition from the first $10,000 to the first $20,000 of college tuition expenses.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-02-14 - referred to ways and means [A05669 Detail]

Download: New_York-2019-A05669-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 14, 2019
        Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
          Committee on Ways and Means
        AN ACT to amend the tax law,  in  relation  to  increasing  the  college
          tuition 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. Subparagraph (A)  of  paragraph  2  of  subsection  (t)  of
     2  section 606 of the tax law, as amended by section 1 of part N of chapter
     3  85 of the laws of 2002, is amended to read as follows:
     4    (A)  The  term  "allowable  college  tuition  expenses" shall mean the
     5  amount of qualified college tuition expenses of eligible  students  paid
     6  by  the  taxpayer during the taxable year, limited to [ten] twenty thou-
     7  sand dollars for each such student;
     8    § 2. This act shall take effect immediately, and shall  apply  to  the
     9  taxable year in which it takes effect and taxable years commencing on or
    10  after such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.