senate Bill S7449A

2011-2012 Legislative Session

Enacts various legislation designed to make college more affordable for the citizens of the state

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Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 04, 2012 referred to higher education
delivered to assembly
passed senate
May 30, 2012 ordered to third reading cal.970
May 25, 2012 print number 7449a
amend (t) and recommit to rules
May 18, 2012 referred to rules

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S7449 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 612, Tax L; amd §§680 & 655, add Art 14-B §§697 - 699, §355-d, Ed L; amd §98-a, add Art 15-A §§225 - 234-c, §99-u, St Fin L; amd §301, add Art 6 §§601 - 603, Fin Serv L

S7449 - Summary

Enacts various legislation designed to make college more affordable for the citizens of the state.

S7449 - Sponsor Memo

S7449 - Bill Text download pdf

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

                                  7449

                            I N  S E N A T E

                              May 18, 2012
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the tax law, in relation to providing a tax  credit  for
  allowable  college  expenses  (Part A); to amend the education law and
  the state finance law, in relation to the student loan linked  deposit
  act  (Part B); and to amend the financial services law, in relation to
  the truth in student lending clearinghouse program; and to  amend  the
  financial  services  law  and  the  education  law, in relation to the
  student lending transparency program (Part C)

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

  Section 1. This act enacts into law components of legislation relating
to  college affordability.   Each component is wholly contained within a
Part identified as Parts A  through  C.  The  effective  date  for  each
particular provision contained within such Part is set forth in the last
section  of  such  Part. Any provision in any section contained within a
Part, including the effective date of the part, which makes reference to
a section "of this act", when used in connection  with  that  particular
component,  shall  be  deemed  to  mean  and  refer to the corresponding
section of the Part in which it is found. Section three of this act sets
forth the general effective date of this act.

                                 PART A

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (u) to read as follows:
  (U)  STAY  IN  NEW  YORK  CREDIT. (1) GENERAL. (A) A RESIDENT TAXPAYER
SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY  THIS  ARTICLE  FOR
ALLOWABLE  COLLEGE  EXPENSES. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
TWENTY-FIVE PERCENT OF ALLOWABLE COLLEGE EXPENSES, CAPPED AT THREE THOU-
SAND DOLLARS. THE CREDIT SHALL BE ALLOWED ONLY IN THE FIRST TAXABLE YEAR
SUBSEQUENT TO THE TAXPAYER'S COMPLETION OF A COURSE OF STUDY LEADING  TO
THE  GRANTING  OF  A  BACCALAUREATE DEGREE AND IN EACH OF THE NEXT THREE
TAXABLE YEARS.

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

Co-Sponsors

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S7449A (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 612, Tax L; amd §§680 & 655, add Art 14-B §§697 - 699, §355-d, Ed L; amd §98-a, add Art 15-A §§225 - 234-c, §99-u, St Fin L; amd §301, add Art 6 §§601 - 603, Fin Serv L

S7449A (ACTIVE) - Summary

Enacts various legislation designed to make college more affordable for the citizens of the state.

S7449A (ACTIVE) - Sponsor Memo

S7449A (ACTIVE) - Bill Text download pdf

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

                                 7449--A

                            I N  S E N A T E

                              May 18, 2012
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  allowable college expenses (Part A); to amend the  education  law  and
  the  state finance law, in relation to the student loan linked deposit
  act (Part B); to amend the financial services law, in relation to  the
  truth  in  student  lending  clearinghouse  program;  and to amend the
  financial services law and the  education  law,  in  relation  to  the
  student lending transparency program (Part C); and to amend the educa-
  tion  law,  in  relation to the creation of the New York state tuition
  savings program; to amend the state finance law, in relation to estab-
  lishing the New York state pre-pay tuition fund; and to amend the  tax
  law,  in  relation  to  reducing distributions from the New York state
  pre-pay tuition savings program from adjusted gross income (Part D)

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

  Section 1. This act enacts into law components of legislation relating
to  college affordability.   Each component is wholly contained within a
Part identified as Parts A  through  D.  The  effective  date  for  each
particular provision contained within such Part is set forth in the last
section  of  such  Part. Any provision in any section contained within a
Part, including the effective date of the part, which makes reference to
a section "of this act", when used in connection  with  that  particular
component,  shall  be  deemed  to  mean  and  refer to the corresponding
section of the Part in which it is found. Section three of this act sets
forth the general effective date of this act.

                                 PART A

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (u) to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15934-03-2

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