senate Bill S7710

2013-2014 Legislative Session

Relates to creating a college preparation expense tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2014 referred to investigations and government operations

S7710 - Details

See Assembly Version of this Bill:
A9783A
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

S7710 - Summary

Creates a college preparation expense tax credit for up to three year's per child/individual for up to $500 per year for qualified college preparation expenses.

S7710 - Sponsor Memo

S7710 - Bill Text download pdf

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

                                  7710

                            I N  S E N A T E

                              June 2, 2014
                               ___________

Introduced  by  Sen.  LANZA  -- 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  establishing  the  college
  preparation tax credit act

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

  Section 1. This act shall be known and may be cited  as  the  "college
preparation tax credit act".
  S  2. Section 606 of the tax law is amended by adding a new subsection
(ccc) to read as follows:
  (CCC) COLLEGE PREPARATION EXPENSE  CREDIT.  (1)  A  RESIDENT  TAXPAYER
SHALL  BE  ALLOWED  A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR
ALLOWABLE COLLEGE PREPARATION EXPENSES. EACH TAXABLE YEAR, A  CREDIT  OF
UP  TO  FIVE  HUNDRED  DOLLARS  PER CHILD SHALL BE ALLOWED FOR QUALIFIED
COLLEGE PREPARATION EXPENSES PAID OR INCURRED  BY  THE  TAXPAYER  DURING
SUCH  TAXABLE  YEAR. NO CREDIT SHALL BE ALLOWED FOR ANY EXPENSES PAID OR
INCURRED DURING THE TAXABLE YEAR WITH RESPECT TO ANY INDIVIDUAL FOR WHOM
AN ELECTION IS NOT IN EFFECT UNDER  THIS  SUBSECTION  FOR  SUCH  TAXABLE
YEAR.  AN  ELECTION  MAY  NOT  BE  MADE  FOR ANY TAXABLE YEAR IF SUCH AN
ELECTION IS IN EFFECT WITH RESPECT TO  SUCH  INDIVIDUAL  FOR  ANY  THREE
PRIOR TAXABLE YEARS.
  (2)  QUALIFIED  COLLEGE  PREPARATION  EXPENSES.  FOR  PURPOSES OF THIS
SUBSECTION, THE TERM  "QUALIFIED  COLLEGE  PREPARATION  EXPENSES"  MEANS
AMOUNTS PAID OR INCURRED FOR:
  (A)  FEES  REQUIRED FOR TAKING ANY ADVANCED PLACEMENT OR INTERNATIONAL
BACCALAUREATE EXAM;
  (B) FEES REQUIRED FOR TAKING THE SAT, THE  ACT,  OR  ANY  SAT  SUBJECT
TEST;
  (C)  EXPENSES  RELATED  TO PREPARATION INCLUDING TUTORIAL SERVICES AND
PREPARATION CLASSES FOR ANY EXAM DESCRIBED IN SUBPARAGRAPH (A) OR (B) OF
THIS PARAGRAPH;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15301-02-4

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.