Bill Text: NY S07657 | 2019-2020 | General Assembly | Introduced
Bill Title: Amends the definition of the term "allowable college tuition expenses"; establishes a new schedule of tax credits for allowable college tuition expenses.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2020-02-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S07657 Detail]
Download: New_York-2019-S07657-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7657 IN SENATE February 4, 2020 ___________ Introduced by Sens. LAVALLE, GALLIVAN -- 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 twenty-one, 9 ten thousand dollars for each such student; for taxable years beginning 10 in two thousand twenty-one, twelve thousand dollars for each student; 11 for taxable years beginning in two thousand twenty-two, fourteen thou- 12 sand dollars for each student; for taxable years beginning in two thou- 13 sand twenty-three, sixteen thousand dollars for each student; for taxa- 14 ble years beginning in two thousand twenty-four, eighteen thousand 15 dollars for each student; and for taxable years beginning after two 16 thousand twenty-four, 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: 20 (4) Amount of credit. [If allowable college tuition expenses are less21than five thousand dollars, the amount of the credit provided under this22subsection shall be equal to the applicable percentage of the lesser of23allowable college tuition expenses or two hundred dollars. If allowable24college tuition expenses are five thousand dollars or more, the amount25of the credit provided under this subsection shall be equal to the26applicable percentage of the allowable college tuition expenses multi-EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14920-01-0S. 7657 2 1plied by four percent.] The amount of the credit shall be determined in 2 accordance with the following schedules: 3 (A) For taxable years beginning after two thousand and before two 4 thousand twenty-one: 5 If allowable college tuition The tax credit is equal to: 6 expenses are: 7 Less than five thousand dollars the applicable percentage of the 8 lesser of allowable college tuition 9 expenses or two hundred dollars 10 Five thousand dollars or more the applicable percentage of 11 allowable college tuition expenses 12 multiplied by four percent 13 (B) For taxable years beginning in two thousand twenty-one: 14 If allowable college tuition The tax credit is equal to: 15 expenses are: 16 Less than six thousand dollars the lesser of allowable college 17 tuition expenses or two hundred 18 forty dollars 19 Six thousand dollars or more the allowable college tuition 20 expenses multiplied by four percent 21 (C) For taxable years beginning in two thousand twenty-two: 22 If allowable college tuition The tax credit is equal to: 23 expenses are: 24 Less than seven thousand dollars the lesser of allowable college 25 tuition expenses or two hundred 26 eighty dollars 27 Seven thousand dollars or more the allowable college tuition 28 expenses multiplied by four percent 29 (D) For taxable years beginning in two thousand twenty-three: 30 If allowable college tuition The tax credit is equal to: 31 expenses are: 32 Less than eight thousand dollars the lesser of allowable college 33 tuition expenses or three hundred 34 twenty dollars 35 Eight thousand dollars or more the allowable college tuition 36 expenses multiplied by four percent 37 (E) For taxable years beginning in two thousand twenty-four: 38 If allowable college tuition The tax credit is equal to: 39 expenses are: 40 Less than nine thousand dollars the lesser of allowable college 41 tuition expenses or three hundred 42 sixty dollars 43 Nine thousand dollars or more the allowable college tuition 44 expenses multiplied by four percent 45 (F) For taxable years beginning after two thousand twenty-four: 46 If allowable college tuition The tax credit is equal to: 47 expenses are: 48 Less than ten thousand dollars the lesser of allowable college 49 tuition expenses or four hundred 50 dollars 51 Ten thousand dollars or more the allowable college tuition 52 expenses multiplied by four percent 53 Such applicable percentage shall be twenty-five percent for taxable 54 years beginning in two thousand one, fifty percent for taxable years 55 beginning in two thousand two, seventy-five percent for taxable yearsS. 7657 3 1 beginning in two thousand three and one hundred percent for taxable 2 years beginning after two thousand three. 3 § 3. This act shall take effect immediately and shall apply to taxable 4 years beginning on or after January 1, 2021.
