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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          23
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       Introduced  by  Sens. LAVALLE, DeFRANCISCO, GRIFFO, MARCHIONE, SEWARD --
         read twice and ordered printed, and when printed to  be  committed  to
         the Committee on Investigations and Government Operations
       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 SIXTEEN, ten
    9  thousand dollars for each such student; FOR TAXABLE YEARS  BEGINNING  IN
   10  TWO  THOUSAND  SIXTEEN,  TWELVE  THOUSAND  DOLLARS FOR EACH STUDENT; FOR
   11  TAXABLE YEARS BEGINNING IN TWO  THOUSAND  SEVENTEEN,  FOURTEEN  THOUSAND
   12  DOLLARS  FOR  EACH  STUDENT; FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND
   13  EIGHTEEN, SIXTEEN THOUSAND DOLLARS FOR EACH STUDENT; FOR  TAXABLE  YEARS
   14  BEGINNING  IN  TWO THOUSAND NINETEEN, EIGHTEEN THOUSAND DOLLARS FOR EACH
   15  STUDENT; AND FOR TAXABLE YEARS BEGINNING AFTER  TWO  THOUSAND  NINETEEN,
   16  TWENTY THOUSAND DOLLARS PER STUDENT;
   17    S  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:
   20    (4)  Amount of credit. [If allowable college tuition expenses are less
   21  than five thousand dollars, the amount of the credit provided under this
   22  subsection shall be equal to the applicable percentage of the lesser  of
   23  allowable  college tuition expenses or two hundred dollars. If allowable
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00956-01-5
       S. 23                               2
    1  college tuition expenses are five thousand dollars or more,  the  amount
    2  of  the  credit  provided  under  this  subsection shall be equal to the
    3  applicable percentage of the allowable college tuition  expenses  multi-
    4  plied by four percent.]
    5    THE  AMOUNT  OF  THE CREDIT SHALL BE DETERMINED IN ACCORDANCE WITH THE
    6  FOLLOWING SCHEDULES:
    7    (A) FOR TAXABLE YEARS BEGINNING AFTER  TWO  THOUSAND  AND  BEFORE  TWO
    8  THOUSAND SIXTEEN:
    9  IF ALLOWABLE COLLEGE TUITION        THE TAX CREDIT IS EQUAL TO:
   10  EXPENSES ARE:
   11  LESS THAN FIVE THOUSAND DOLLARS     THE APPLICABLE PERCENTAGE OF THE
   12                                      LESSER OF ALLOWABLE COLLEGE TUITION
   13                                      EXPENSES OR TWO HUNDRED DOLLARS
   14  FIVE THOUSAND DOLLARS OR MORE       THE APPLICABLE PERCENTAGE OF
   15                                      ALLOWABLE COLLEGE TUITION EXPENSES
   16                                      MULTIPLIED BY FOUR PERCENT
   17    (B) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND SIXTEEN:
   18  IF ALLOWABLE COLLEGE TUITION        THE TAX CREDIT IS EQUAL TO:
   19  EXPENSES ARE:
   20  LESS THAN SIX THOUSAND DOLLARS      THE LESSER OF ALLOWABLE COLLEGE
   21                                      TUITION EXPENSES OR TWO HUNDRED
   22                                      FORTY DOLLARS
   23  SIX THOUSAND DOLLARS OR MORE        THE ALLOWABLE COLLEGE TUITION
   24                                      EXPENSES MULTIPLIED BY FOUR PERCENT
   25    (C) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND SEVENTEEN:
   26  IF ALLOWABLE COLLEGE TUITION        THE TAX CREDIT IS EQUAL TO:
   27  EXPENSES ARE:
   28  LESS THAN SEVEN THOUSAND DOLLARS    THE LESSER OF ALLOWABLE COLLEGE
   29                                      TUITION EXPENSES OR TWO HUNDRED
   30                                      EIGHTY DOLLARS
   31  SEVEN THOUSAND DOLLARS OR MORE      THE ALLOWABLE COLLEGE TUITION
   32                                      EXPENSES MULTIPLIED BY FOUR PERCENT
   33    (D) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN:
   34  IF ALLOWABLE COLLEGE TUITION        THE TAX CREDIT IS EQUAL TO:
   35  EXPENSES ARE:
   36  LESS THAN EIGHT THOUSAND DOLLARS    THE LESSER OF ALLOWABLE COLLEGE
   37                                      TUITION EXPENSES OR THREE HUNDRED
   38                                      TWENTY DOLLARS
   39  EIGHT THOUSAND DOLLARS OR MORE      THE ALLOWABLE COLLEGE TUITION
   40                                      EXPENSES MULTIPLIED BY FOUR PERCENT
   41    (E) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND NINETEEN:
   42  IF ALLOWABLE COLLEGE TUITION        THE TAX CREDIT IS EQUAL TO:
   43  EXPENSES ARE:
   44  LESS THAN NINE THOUSAND DOLLARS     THE LESSER OF ALLOWABLE COLLEGE
   45                                      TUITION EXPENSES OR THREE HUNDRED
   46                                      SIXTY DOLLARS
   47  NINE THOUSAND DOLLARS OR MORE       THE ALLOWABLE COLLEGE TUITION
   48                                      EXPENSES MULTIPLIED BY FOUR PERCENT
   49    (F) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND NINETEEN:
   50  IF ALLOWABLE COLLEGE TUITION        THE TAX CREDIT IS EQUAL TO:
   51  EXPENSES ARE:
   52  LESS THAN TEN THOUSAND DOLLARS      THE LESSER OF ALLOWABLE COLLEGE
   53                                      TUITION EXPENSES OR FOUR HUNDRED
   54                                      DOLLARS
   55  TEN THOUSAND DOLLARS OR MORE        THE ALLOWABLE COLLEGE TUITION
   56                                      EXPENSES MULTIPLIED BY FOUR PERCENT
       S. 23                               3
    1    Such  applicable  percentage  shall be twenty-five percent for taxable
    2  years beginning in two thousand one, fifty  percent  for  taxable  years
    3  beginning  in  two  thousand two, seventy-five percent for taxable years
    4  beginning in two thousand three and  one  hundred  percent  for  taxable
    5  years beginning after two thousand three.
    6    S 3. This act shall take effect immediately and shall apply to taxable
    7  years beginning on or after January 1, 2016.