Senate Bill S3535

2017-2018 Legislative Session

Relates to creating a college preparation expense tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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2017-S3535 (ACTIVE) - Details

See Assembly Version of this Bill:
A1235
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7710, A9783
2015-2016: S3312, A170
2019-2020: S794, A2062
2021-2022: S4288
2023-2024: S5999

2017-S3535 (ACTIVE) - Summary

Creates a college preparation expense tax credit for up to three years per child/individual for up to $500 per year for qualified college preparation expenses.

2017-S3535 (ACTIVE) - Sponsor Memo

2017-S3535 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3535
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2017
                                ___________
 
 Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation  to  establishing  the  college
   preparation tax credit act
 
   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  "college
 preparation tax credit act".
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (ccc) to read as follows:
   (CCC) COLLEGE PREPARATION EXPENSE  CREDIT.  (1)  A  RESIDENT  TAXPAYER
 SHALL  BE  ALLOWED  A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR
 ALLOWABLE COLLEGE PREPARATION EXPENSES. EACH TAXABLE YEAR, A  CREDIT  OF
 UP  TO  FIVE  HUNDRED  DOLLARS  PER CHILD SHALL BE ALLOWED FOR QUALIFIED
 COLLEGE PREPARATION EXPENSES PAID OR INCURRED  BY  THE  TAXPAYER  DURING
 SUCH  TAXABLE  YEAR. NO CREDIT SHALL BE ALLOWED FOR ANY EXPENSES PAID OR
 INCURRED DURING THE TAXABLE YEAR WITH RESPECT TO ANY INDIVIDUAL FOR WHOM
 AN ELECTION IS NOT IN EFFECT UNDER  THIS  SUBSECTION  FOR  SUCH  TAXABLE
 YEAR.  AN  ELECTION  MAY  NOT  BE  MADE  FOR ANY TAXABLE YEAR IF SUCH AN
 ELECTION IS IN EFFECT WITH RESPECT TO  SUCH  INDIVIDUAL  FOR  ANY  THREE
 PRIOR TAXABLE YEARS.
   (2)  QUALIFIED  COLLEGE  PREPARATION  EXPENSES.  FOR  PURPOSES OF THIS
 SUBSECTION, THE TERM  "QUALIFIED  COLLEGE  PREPARATION  EXPENSES"  MEANS
 AMOUNTS PAID OR INCURRED FOR:
   (A)  FEES  REQUIRED FOR TAKING ANY ADVANCED PLACEMENT OR INTERNATIONAL
 BACCALAUREATE EXAM;
   (B) FEES REQUIRED FOR TAKING THE SAT, THE  ACT,  OR  ANY  SAT  SUBJECT
 TEST;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00413-01-7

              

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