Assembly Bill A8453

2009-2010 Legislative Session

Exempts from state income taxation the first $250,000 earned by four-year college graduates or the first $150,000 earned by two-year graduates

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Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A8453 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §605, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A1998
2013-2014: A6178
2015-2016: A3760

2009-A8453 (ACTIVE) - Summary

Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.

2009-A8453 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8453

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2009
                               ___________

Introduced  by M. of A. TEDISCO, REILICH, KOLB, THIELE, WALKER -- Multi-
  Sponsored by -- M. of A. CONTE, HAWLEY -- read once  and  referred  to
  the Committee on Ways and Means

AN  ACT  to  amend  the  tax  law,  in relation to enacting the graduate
  outreach assistance law to exempt from state income taxation the first
  two hundred fifty thousand dollars earned by a college graduate

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  This act shall be known and may be cited as the "graduate
outreach assistance law".
  S 2. Paragraph 3 of subsection (a) of section 605 of the tax  law,  as
added by chapter 28 of the laws of 1987, is amended to read as follows:
  (3)  Accounting  methods.  (A) A taxpayer's method of accounting under
this article shall be the same as his OR HER method  of  accounting  for
federal  income  tax  purposes,  WITH THE EXCEPTION OF THE PROVISIONS OF
SUBPARAGRAPH (B) OF THIS PARAGRAPH.   In the absence of  any  method  of
accounting  for  federal  income  tax  purposes, New York taxable income
shall be computed under such method as in the opinion of the tax commis-
sion clearly reflects income.
  (B) FOR THE PURPOSE OF COMPUTING NEW YORK TAXABLE INCOME,  A  TAXPAYER
SHALL  NOT  BE  REQUIRED  TO  INCLUDE  IN SUCH COMPUTATION THE FIRST TWO
HUNDRED FIFTY THOUSAND DOLLARS, WITH A CAP OF FIFTY THOUSAND DOLLARS PER
TAXABLE YEAR, HE OR SHE EARNS FOLLOWING GRADUATION FROM ANY  COLLEGE  OR
UNIVERSITY  HAVING  ATTAINED  A FOUR-YEAR DEGREE OR HIGHER, OR THE FIRST
ONE HUNDRED FIFTY THOUSAND DOLLARS, WITH A CAP OF  TWENTY-FIVE  THOUSAND
DOLLARS  PER TAXABLE YEAR, HE OR SHE EARNS FOLLOWING GRADUATION FROM ANY
COLLEGE OR UNIVERSITY HAVING ATTAINED A TWO-YEAR DEGREE.
  S 3. This act shall take effect immediately, and shall apply to  taxa-
ble years beginning the first of January following the effective date of
this act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09990-01-9

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