Assembly Bill A10862

2009-2010 Legislative Session

Establishes an education investment tax credit

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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-A10862 (ACTIVE) - Details

See Senate Version of this Bill:
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210 & 171, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A5081, S2732
2013-2014: A1826, S4099
2015-2016: A2551
2017-2018: A5862

2009-A10862 (ACTIVE) - Summary

Establishes an education investment tax credit.

2009-A10862 (ACTIVE) - Sponsor Memo

2009-A10862 (ACTIVE) - Bill Text download pdf

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


                          I N  A S S E M B L Y

                             April 27, 2010

Introduced by M. of A. CUSICK -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend  the  tax law, in relation to enacting the "education
  investment incentives act"


  Section  1.  Short  title. This act shall be known and may be cited as
the "education investment incentives act".
  S 2. Legislative findings and intent. The legislature hereby finds and
declares that:
  a. One of the most vexing problems facing policy makers and  educators
is  the  funding  of our educational system. When crafting annual school
budgets, school officials must grapple with  rising  costs,  fluctuating
state and federal aid, and an often unstable local tax base. As a result
of these ever-changing dynamics, valuable educational programs are often
reduced, eliminated or never actually started;
  b.  The  legislature  further  finds it necessary to encourage greater
private  sector  support  of  educational  opportunities  for  children.
Private  sector  resources,  from both individuals and businesses, would
not only help stabilize  the  school  budget  process  but  would  allow
schools to maintain, expand or begin worthwhile programs;
  c.  In  pursuance  of the foregoing objectives an education investment
tax credit is established by this act to  involve  the  private  sector,
both  individuals  and  corporations, by encouraging donations to public
education entities, and to educational scholarship  organizations  bene-
fitting students attending independent and religious schools;
  d.  The  tax credit provided in this act is merely one of many credits
available to New York taxpayers;
  e. The intended beneficiaries of the tax credit provided in  this  act
are  the  students who attend public schools, including charter schools,
or who further their educations using tuition scholarships  from  educa-
tional  scholarship  organizations,  or  who  participate  in home-based
educational programs; therefore  the  tax  credit  does  not  constitute
public aid to non-public sectarian institutions; and

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


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