Bill Text: NY S00023 | 2015-2016 | General Assembly | Amended

New York Senate Bill 23 (Prior Session Legislation)

Bill Title: Amends the definition of allowable college tuition expenses and establishes a new schedule of tax credits for allowable college tuition expenses.

Spectrum: Partisan Bill (Republican 9-0)

Status: (Engrossed - Dead) 2016-06-14 - referred to ways and means [S00023 Detail]

Download: New_York-2015-S00023-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          23--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 7, 2015
                                       ___________
        Introduced  by  Sens.  LAVALLE,  DeFRANCISCO,  FLANAGAN,  FUNKE, GRIFFO,
          MARCHIONE, RANZENHOFER, SEWARD -- read twice and ordered printed,  and
          when  printed  to  be committed to the Committee on Investigations and
          Government Operations -- recommitted  to  the  Committee  on  Investi-
          gations  and  Government  Operations in accordance with Senate Rule 6,
          sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
          amended and recommitted to said committee
        AN ACT to amend the tax law, in relation to the definition of "allowable
          college tuition expenses" and the tax credit allowed for such expenses
          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[,]. The amount of qualified
     7  college tuition expenses shall be limited [to] as follows:  for  taxable
     8  years beginning after two thousand and before two thousand eighteen, ten
     9  thousand  dollars  for each such student; for taxable years beginning in
    10  two thousand eighteen, twelve thousand dollars  for  each  student;  for
    11  taxable  years  beginning  in  two  thousand nineteen, fourteen thousand
    12  dollars for each student; for taxable years beginning  in  two  thousand
    13  twenty,  sixteen  thousand  dollars  for each student; for taxable years
    14  beginning in two thousand twenty-one, eighteen thousand dollars for each
    15  student; and for taxable years beginning after two thousand  twenty-one,
    16  twenty thousand dollars per student;
    17    §  2.  Paragraph 4 of subsection (t) of section 606 of the tax law, as
    18  added by section 1 of part DD of chapter 63 of  the  laws  of  2000,  is
    19  amended to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00956-02-6