senate Bill S6697A

2013-2014 Legislative Session

Increases the personal income tax credit for college tuition expenses

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 05, 2014 print number 6697a
amend (t) and recommit to investigations and government operations
Feb 28, 2014 referred to investigations and government operations

Co-Sponsors

S6697 - Details

See Assembly Version of this Bill:
A9664
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S6697 - Summary

Increases the personal income tax credit for college tuition from the first $10,000 to the first $20,000 of college tuition expenses.

S6697 - Sponsor Memo

S6697 - Bill Text download pdf

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

                                  6697

                            I N  S E N A T E

                            February 28, 2014
                               ___________

Introduced  by  Sens. CARLUCCI, KLEIN, SAVINO, VALESKY -- 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 increasing the college
  tuition personal income tax credit and contributions to family tuition
  accounts

  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, limited to [ten]  TWENTY  thou-
sand dollars for each such student;
  S  2. Paragraph 32 of subsection (c) of section 612 of the tax law, as
amended by chapter 81 of the  laws  of  2008,  is  amended  to  read  as
follows:
  (32) Contributions made during the taxable year by an account owner to
one or more family tuition accounts established under the New York state
college  choice tuition savings program provided for under article four-
teen-A of the education law, to the extent not  deductible  or  eligible
for  credit  for  federal  income  tax  purposes, provided, however, the
exclusion provided for in this paragraph shall  not  exceed  [five]  TEN
thousand dollars for an individual or head of household, and for married
couples  who file joint tax returns, shall not exceed [ten] TWENTY thou-
sand dollars; provided, further, that such exclusion shall be  available
only to the account owner and not to any other person.
  S  3.  This  act shall take effect immediately, and shall apply to the
taxable year in which it takes effect and taxable years commencing on or
after such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13188-02-4

Co-Sponsors

S6697A (ACTIVE) - Details

See Assembly Version of this Bill:
A9664
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S6697A (ACTIVE) - Summary

Increases the personal income tax credit for college tuition from the first $10,000 to the first $20,000 of college tuition expenses.

S6697A (ACTIVE) - Sponsor Memo

S6697A (ACTIVE) - Bill Text download pdf

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

                                 6697--A

                            I N  S E N A T E

                            February 28, 2014
                               ___________

Introduced  by  Sens. CARLUCCI, KLEIN, SAVINO, VALESKY -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- committee discharged, bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the tax law,  in  relation  to  increasing  the  college
  tuition personal income tax credit

  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, limited to [ten] TWENTY thou-
sand dollars for each such student;
  S 2. This act shall take effect immediately, and shall  apply  to  the
taxable year in which it takes effect and taxable years commencing on or
after such date.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13188-03-4

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