senate Bill S2879A

2013-2014 Legislative Session

Includes the tuition required for enrollment or attendance in a course of graduate study within the college tuition credit

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 28, 2014 print number 2879a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Jan 24, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S2879 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S4094A
2009-2010: A4427

S2879 - Bill Texts

view summary

Includes the tuition required for enrollment or attendance in a course of study leading to the granting of a post baccalaureate or other graduate degree within the definition of "qualified college tuition expenses" for the purposes of qualifying for the college tuition credit.

view sponsor memo
BILL NUMBER:S2879

TITLE OF BILL: An act to amend the tax law, in relation to including
the tuition of graduate students within the college tuition credit

PURPOSE OR GENERAL IDEA OF BILL: Tax tuition credit for graduate
students.

SUMMARY OF SPECIFIC PROVISIONS: Subparagraph (c) of paragraph two of
subsection (t) of section 606 of the tax law is amended to provide a tax
credit for students enrolled in a graduate program.

JUSTIFICATION: Current law provides for a college tuition tax credit to
students enrolled or attending an institution of higher education,
whether full or part-time. An institution of higher education is defined
in the statute as any institution of higher education or business,
trade, technical, or other occupational school recognized and approved
by an accrediting agency. Tuition payments required for enrollment or
attendance in course of study leading to a post-baccalaureate or other
graduate degree are specifically exempted from the tax credit.

The maximum amount of qualified tuition expenses allowed for each eligi-
ble student is $10,000. If the total qualified tuition expenses are more
than $5,000, the credit for 2004 is four-Percent of the qualified
tuition expenses up to $10,000 per student. Therefore, the maximum
tuition credit allowed for 2004 would be $400 per student. If the total
qualified tuition expenses are less than $5,000, the credit is equal to
the lesser of the total qualified college tuition expenses or $200. The
student is therefore not credited back the entire amount of tuition but
at most only $400 per student.

Logically, the college tuition tax credit should be extended to cover
qualified graduate tuition expenses as well. Total graduate enrollment
has generally increased in the past three decades. College costs contin-
ue to rise, outpacing the rate of inflation. The percentage of under-
graduates who have borrowed and the average total amount borrowed has
consistently increased. Individuals often incur enormous debt to earn a
college education with no guarantee of job placement. During slow
economic times, businesses are not hiring and college graduates unable
to find jobs are choosing to attend graduate school, thus, taking on
additional debt burdens.

The graduate college tax credit will help those who need the tax credit
most. New York State graduate students, who often have greater debt
burdens then undergraduate students, will be able, to obtain a graduate
degree without mortgaging their future. Those with graduate degrees
potentially will earn more money and collectively better this state and
country. Therefore, the college tuition tax credit should be expanded to
graduate college tuition.

PRIOR LEGISLATIVE HISTORY: S.2435 of 2007/08 S.4094 of 20011/12

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: Immediately and shall apply to taxable years beginning
on or after January 1, 2014.

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

                                  2879

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 24, 2013
                               ___________

Introduced  by  Sen.  SMITH  -- 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  including  the  tuition  of
  graduate students within the college tuition credit

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

  Section 1. Subparagraph (C)  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:
  (C)  The  term  "qualified  college  tuition  expenses" shall mean the
tuition required for the enrollment or attendance of an eligible student
at an  institution  of  higher  education.  Provided,  however,  tuition
payments  made  pursuant to the receipt of any scholarships or financial
aid[, or tuition required for enrollment or attendance in  a  course  of
study  leading to the granting of a post baccalaureate or other graduate
degree,] shall be excluded from the  definition  of  "qualified  college
tuition expenses".
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07228-01-3

S2879A (ACTIVE) - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S4094A
2009-2010: A4427

S2879A (ACTIVE) - Bill Texts

view summary

Includes the tuition required for enrollment or attendance in a course of study leading to the granting of a post baccalaureate or other graduate degree within the definition of "qualified college tuition expenses" for the purposes of qualifying for the college tuition credit.

view sponsor memo
BILL NUMBER:S2879A

TITLE OF BILL: An act to amend the tax law, in relation to including
the tuition of graduate students within the college tuition credit

PURPOSE OR GENERAL IDEA OF BILL: Tax tuition credit for graduate
students.

SUMMARY OF SPECIFIC PROVISIONS: Subparagraph (c) of paragraph two of
subsection (t) of section 606 of the tax law is amended to provide a
tax credit for students enrolled in a graduate program.

JUSTIFICATION: Current law provides for a college tuition tax credit
to students enrolled or attending an institution of higher education,
whether full or part-time. An institution of higher education is
defined in the statute as any institution of higher education or
business, trade, technical, or other occupational school recognized
and approved by an accrediting agency. Tuition payments required for
enrollment or attendance in course of study leading to a
post-baccalaureate or other graduate degree are specifically exempted
from the tax credit.

The maximum amount of qualified tuition expenses allowed for each
eligible student is $10,000. If the total qualified tuition expenses
are more than $5,000, the credit for 2004 is four-Percent of the
qualified tuition expenses up to $10,000 per student. Therefore, the
maximum tuition credit allowed for 2004 would be $400 per student. If
the total qualified tuition expenses are less than $5,000, the credit
is equal to the lesser of the total qualified college tuition expenses
or $200. The student is therefore not credited back the entire amount
of tuition but at most only $400 per student.

Logically, the college tuition tax credit should be extended to cover
qualified graduate tuition expenses as well. Total graduate enrollment
has generally increased in the past three decades. College costs
continue to rise, outpacing the rate of inflation. The percentage of
undergraduates who have borrowed and the average total amount borrowed
has consistently increased. Individuals often incur enormous debt to
earn a college education with no guarantee of job placement. During
slow economic times, businesses are not hiring and college graduates
unable to find jobs are choosing to attend graduate school, thus,
taking on additional debt burdens.

The graduate college tax credit will help those who need the tax
credit most. New York State graduate students, who often have greater
debt burdens then undergraduate students, will be able, to obtain a
graduate degree without mortgaging their future. Those with graduate
degrees potentially will earn more money and collectively better this
state and country. Therefore, the college tuition tax credit should be
expanded to graduate college tuition.

PRIOR LEGISLATIVE HISTORY: S.2435 of 2007/08 S.4094 of 20011/12

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: Immediately and shall apply to taxable years
beginning on or after January 1, 2015.


view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2879--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 24, 2013
                               ___________

Introduced  by  Sen.  SMITH  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend  the tax law, in relation to including the tuition of
  graduate students within the college tuition credit

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

  Section  1.  Subparagraph  (C)  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:
  (C) The term "qualified  college  tuition  expenses"  shall  mean  the
tuition required for the enrollment or attendance of an eligible student
at  an  institution  of  higher  education.  Provided,  however, tuition
payments made pursuant to the receipt of any scholarships  or  financial
aid[,  or  tuition  required for enrollment or attendance in a course of
study leading to the granting of a post baccalaureate or other  graduate
degree,]  shall  be  excluded  from the definition of "qualified college
tuition expenses".
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2015.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07228-02-4

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