Assembly Bill A3760

2015-2016 Legislative Session

Exempts from state income taxation the first $250,000 earned by four-year college graduates or the first $150,000 earned by two-year graduates

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2015-A3760 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §605, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8453
2011-2012: A1998
2013-2014: A6178

2015-A3760 (ACTIVE) - Summary

Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.

2015-A3760 (ACTIVE) - Bill Text download pdf 

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

                                  3760

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2015
                               ___________

Introduced by M. of A. TEDISCO, KOLB, MONTESANO -- Multi-Sponsored by --
  M.  of  A. HAWLEY, RA, TENNEY, THIELE -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax  law,  in  relation  to  enacting  the  graduate
  outreach assistance law to exempt from state income taxation the first
  two hundred fifty thousand dollars earned by a college graduate

  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  "graduate
outreach assistance law".
  S  2.  Paragraph 3 of subsection (a) of section 605 of the tax law, as
added by chapter 28 of the laws of 1987, is amended to read as follows:
  (3) Accounting methods. (A) A taxpayer's method  of  accounting  under
this  article  shall  be the same as his OR HER method of accounting for
federal income tax purposes, WITH THE EXCEPTION  OF  THE  PROVISIONS  OF
SUBPARAGRAPH  (B)  OF  THIS PARAGRAPH.   In the absence of any method of
accounting for federal income tax  purposes,  New  York  taxable  income
shall be computed under such method as in the opinion of the tax commis-
sion clearly reflects income.
  (B)  FOR  THE PURPOSE OF COMPUTING NEW YORK TAXABLE INCOME, A TAXPAYER
SHALL NOT BE REQUIRED TO INCLUDE  IN  SUCH  COMPUTATION  THE  FIRST  TWO
HUNDRED FIFTY THOUSAND DOLLARS, WITH A CAP OF FIFTY THOUSAND DOLLARS PER
TAXABLE  YEAR,  HE OR SHE EARNS FOLLOWING GRADUATION FROM ANY COLLEGE OR
UNIVERSITY HAVING ATTAINED A FOUR-YEAR DEGREE OR HIGHER,  OR  THE  FIRST
ONE  HUNDRED  FIFTY THOUSAND DOLLARS, WITH A CAP OF TWENTY-FIVE THOUSAND
DOLLARS PER TAXABLE YEAR, HE OR SHE EARNS FOLLOWING GRADUATION FROM  ANY
COLLEGE OR UNIVERSITY HAVING ATTAINED A TWO-YEAR DEGREE.
  S  3. This act shall take effect immediately, and shall apply to taxa-
ble years beginning the first of January following the effective date of
this act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02653-01-5

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