senate Bill S4576A

2013-2014 Legislative Session

Provides tax credit for allowable college expenses

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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
Mar 07, 2014 print number 4576a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Apr 11, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S4576 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S4576 - Summary

Provides tax credit for allowable college expenses.

S4576 - Sponsor Memo

S4576 - Bill Text download pdf

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

                                  4576

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 11, 2013
                               ___________

Introduced  by  Sen. LAVALLE -- 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 providing a tax  credit  for
  allowable college expenses

  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 (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.
  (B) IN ORDER TO QUALIFY FOR THE CREDIT, THE ELIGIBLE TAXPAYER SHALL:
  (I) HAVE COMPLETED THE COURSE OF STUDY LEADING TO THE  GRANTING  OF  A
BACCALAUREATE DEGREE FROM AN INSTITUTION OF HIGHER EDUCATION WITHIN FOUR
YEARS  FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY. PROVIDED, HOWEVER,
IF THE ELIGIBLE TAXPAYER WAS EMPLOYED IN EXCESS OF THREE  HUNDRED  HOURS
PER  SEMESTER,  THE ELIGIBLE TAXPAYER SHALL HAVE COMPLETED THE COURSE OF
STUDY LEADING TO THE GRANTING OF  A  BACCALAUREATE  DEGREE  WITHIN  FIVE
YEARS FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY;
  (II) BE EMPLOYED FULL-TIME WITHIN THE STATE; AND
  (III) HAVE COMPLETED TWENTY HOURS OF COMMUNITY SERVICE PER SEMESTER OF
ENROLLMENT IN AN INSTITUTION OF HIGHER EDUCATION. PROVIDED, HOWEVER, FOR
THOSE  ELIGIBLE  TAXPAYERS  WHO  HAVE  BEEN GRANTED DEGREES WITHIN THREE
YEARS OF THE EFFECTIVE DATE OF THIS  SUBSECTION,  SUCH  TAXPAYERS  SHALL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09565-01-3

S4576A (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S4576A (ACTIVE) - Summary

Provides tax credit for allowable college expenses.

S4576A (ACTIVE) - Sponsor Memo

S4576A (ACTIVE) - Bill Text download pdf

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

                                 4576--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 11, 2013
                               ___________

Introduced  by  Sen. LAVALLE -- 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 providing a tax credit for
  allowable college expenses

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

  Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as
relettered  by section 5 of part H of chapter 1 of the laws of 2003, are
relettered subsections (yyy) and (zzz) and a new subsection (u) is added
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.
  (B) IN ORDER TO QUALIFY FOR THE CREDIT, THE ELIGIBLE TAXPAYER SHALL:
  (I)  HAVE  COMPLETED  THE COURSE OF STUDY LEADING TO THE GRANTING OF A
BACCALAUREATE DEGREE FROM AN INSTITUTION OF HIGHER EDUCATION WITHIN FOUR
YEARS FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY. PROVIDED,  HOWEVER,
IF  THE  ELIGIBLE TAXPAYER WAS EMPLOYED IN EXCESS OF THREE HUNDRED HOURS
PER SEMESTER, THE ELIGIBLE TAXPAYER SHALL HAVE COMPLETED THE  COURSE  OF
STUDY  LEADING  TO  THE  GRANTING  OF A BACCALAUREATE DEGREE WITHIN FIVE
YEARS FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY;
  (II) BE EMPLOYED FULL-TIME WITHIN THE STATE; AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09565-02-4

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