Senate Bill S5884

2011-2012 Legislative Session

Amends the definition of allowable college tuition expenses and establishes a new schedule of tax credits for allowable college tuition expenses

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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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2011-S5884 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S2223
2015-2016: S23
2017-2018: S3856

2011-S5884 (ACTIVE) - Summary

Amends the definition of allowable college tuition expenses and establishes a new schedule of tax credits for allowable college tuition expenses.

2011-S5884 (ACTIVE) - Sponsor Memo

2011-S5884 (ACTIVE) - Bill Text download pdf

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

                                  5884

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            September 9, 2011
                               ___________

Introduced  by  Sens.  LAVALLE, BONACIC, DeFRANCISCO, FUSCHILLO, GRIFFO,
  HANNON, JOHNSON,  MAZIARZ,  RANZENHOFER,  SALAND  --  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 the definition of "allowable
  college tuition expenses" and the tax credit allowed for such expenses

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

  Section  1.  Subparagraph  (A)  of  paragraph  2  of subsection (t) of
section 606 of the tax law, as amended by section 1 of part N of chapter
85 of the laws of 2002, is amended to read as follows:
  (A) The term "allowable  college  tuition  expenses"  shall  mean  the
amount  of  qualified college tuition expenses of eligible students paid
by the taxpayer during the taxable  year[,].  THE  AMOUNT  OF  QUALIFIED
COLLEGE  TUITION  EXPENSES SHALL BE limited [to] AS FOLLOWS: FOR TAXABLE
YEARS BEGINNING AFTER TWO THOUSAND AND BEFORE TWO THOUSAND  TWELVE,  ten
thousand  dollars  for each such student; FOR TAXABLE YEARS BEGINNING IN
TWO THOUSAND TWELVE, TWELVE THOUSAND DOLLARS FOR EACH STUDENT; FOR TAXA-
BLE YEARS BEGINNING IN TWO THOUSAND THIRTEEN, FOURTEEN THOUSAND  DOLLARS
FOR  EACH STUDENT; FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND FOURTEEN,
SIXTEEN THOUSAND DOLLARS FOR EACH STUDENT; FOR TAXABLE  YEARS  BEGINNING
IN TWO THOUSAND FIFTEEN, EIGHTEEN THOUSAND DOLLARS FOR EACH STUDENT; AND
FOR  TAXABLE YEARS BEGINNING AFTER TWO THOUSAND FIFTEEN, TWENTY THOUSAND
DOLLARS PER STUDENT;
  S 2. Paragraph 4 of subsection (t) of section 606 of the tax  law,  as
added  by  section  1  of  part DD of chapter 63 of the laws of 2000, is
amended to read as follows:
  (4) Amount of credit. [If allowable college tuition expenses are  less
than five thousand dollars, the amount of the credit provided under this
subsection  shall be equal to the applicable percentage of the lesser of
allowable college tuition expenses or two hundred dollars. If  allowable

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13345-01-1
              

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