|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Jun 02, 2011||reported and committed to finance|
|Jan 07, 2011||referred to investigations and government operations|
senate Bill S1436
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1436 - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, rpld & add §612 sub§ (j), Tax L; rpld & add §11-1712 sub (j), NYC Ad Cd
- Versions Introduced in 2009-2010 Legislative Session:
S1436 - Summary
Establishes a credit against personal income taxes for certain tuition expenses for taxpayers who qualify for an earned income tax credit, in the amount of 10% of the EIC, up to $500 per eligible dependent child; provides for a modification of gross taxable income for elementary and secondary school tuition for personal income tax purposes.
S1436 - Sponsor Memo
BILL NUMBER:S1436 TITLE OF BILL: An act to amend the tax law, in relation to a credit against personal income taxes for certain tuition expenses; to amend the tax law and the administrative code of the city of New York, in relation to providing for a modification of elementary and secondary school tuition for personal income tax purposes; and repealing certain provisions of such laws relating thereto SUMMARY OF PROVISIONS: Section 1 amends §606 of the Tax Law by adding a new subsection (ss) to establish a tuition tax credit in the amount of 10% of the earned income credit a taxpayer is allowed under IRC § 32 multiplied by the number of dependents attending an elementary or secondary public or nonpublic school on a full-time basis for at least three months during the regular school year. This credit shall not exceed the amour.t paid in tuition for each dependent and in no event 8h211 exceed $500. Section 2 repeals §612 (j) of the Tax Law and adds new subsection j, which establishes the Tuition tax deduction. Such deduction shall not exceed the amount paid for each dependent in tuition to an elementary or secondary public or non-public school for the education of such dependent.
S1436 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1436 2011-2012 Regular Sessions I N S E N A T E January 7, 2011 ___________ Introduced by Sens. GOLDEN, DeFRANCISCO, JOHNSON, MAZIARZ -- 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 a credit against personal income taxes for certain tuition expenses; to amend the tax law and the administrative code of the city of New York, in relation to providing for a modification of elementary and secondary school tuition for personal income tax purposes; and repealing certain provisions of such laws relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (ss) to read as follows: (SS) TUITION TAX CREDIT. (1) GENERAL. A RESIDENT TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN THE AMOUNT OF TEN PERCENT OF THE EARNED INCOME CREDIT SUCH TAXPAYER IS ALLOWED UNDER SECTION THIRTY-TWO OF THE INTERNAL REVENUE CODE FOR THE SAME TAXA- BLE YEAR, MULTIPLIED BY THE NUMBER OF DEPENDENTS ATTENDING AN ELEMENTARY OR SECONDARY PUBLIC OR NONPUBLIC SCHOOL ON A FULL-TIME BASIS FOR AT LEAST THREE MONTHS DURING THE REGULAR SCHOOL YEAR, FOR THE EDUCATION OF SUCH DEPENDENT IN GRADES KINDERGARTEN THROUGH TWELVE, PROVIDED THAT SUCH CREDIT SHALL NOT EXCEED FIVE HUNDRED DOLLARS PER DEPENDENT CHILD AND PROVIDED FURTHER THAT SUCH TAXPAYER IS ALLOWED AN EXEMPTION UNDER SECTION SIX HUNDRED SIXTEEN OF THIS ARTICLE FOR SUCH DEPENDENT. THE CREDIT UNDER THIS SUBSECTION SHALL NOT EXCEED THE AMOUNT PAID FOR EACH SUCH DEPENDENT IN TUITION TO SUCH ELEMENTARY OR SECONDARY PUBLIC OR NONPUBLIC SCHOOL FOR SUCH EDUCATION OF SUCH DEPENDENT. (2) DEFINITIONS. (A) "TUITION", AS USED IN THIS SUBSECTION, SHALL MEAN THE AMOUNT ACTUALLY PAID DURING THE TAXABLE YEAR BY THE TAXPAYER FOR THE ENROLLMENT OF A DEPENDENT DURING THE REGULAR SCHOOL YEAR AT AN ELEMENTA- RY OR SECONDARY PUBLIC OR NONPUBLIC SCHOOL. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04637-01-1
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