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

                                  5214

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2015
                               ___________

Introduced  by M. of A. KOLB, GIGLIO, MONTESANO -- Multi-Sponsored by --
  M. of A. BARCLAY, CROUCH, DUPREY, HAWLEY, McDONOUGH, McKEVITT, SALADI-
  NO, THIELE -- read once and referred to  the  Committee  on  Ways  and
  Means

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  course-mandated supplies for eligible college students

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

  Section  1.  Paragraph  4  of subsection (d) of section 615 of the tax
law, as added by section 2 of part DD of chapter 63 of the laws of 2000,
is amended to read as follows:
  (4) allowable college tuition expenses, as defined in paragraph two of
subsection (t) of section six hundred six of this article,  AND  COLLEGE
EXPENSES  FOR  COURSE-MANDATED  SUPPLIES  multiplied  by  the applicable
percentage. Such applicable percentage shall be twenty-five percent  for
taxable  years  beginning in two thousand one, fifty percent for taxable
years beginning in two thousand two, seventy-five  percent  for  taxable
years  beginning in two thousand three and one hundred percent for taxa-
ble years beginning after two  thousand  three.  Provided,  however,  no
deduction shall be allowed under this paragraph to a taxpayer who claims
the  credit  provided under subsection (t) of section six hundred six of
this article.
  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03605-01-5