Assembly Bill A5862

2019-2020 Legislative Session

Establishes a college student expense personal income tax credit

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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2019-A5862 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2794
2011-2012: A2578
2013-2014: A3318
2015-2016: A2976
2017-2018: A7325
2021-2022: A5669
2023-2024: A6005

2019-A5862 (ACTIVE) - Summary

Establishes a college student expense personal income tax credit for a taxpayer or his or her dependents who are enrolled full-time in an undergraduate college, equal to the amount paid for new and used required textbooks and laptop computers not to exceed one thousand dollars.

2019-A5862 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5862
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 20, 2019
                                ___________
 
 Introduced  by M. of A. FITZPATRICK, TAGUE, GIGLIO, SALKA -- Multi-Spon-
   sored by -- M.   of A. MANKTELOW -- read  once  and  referred  to  the
   Committee on Ways and Means
 
 AN  ACT  to  amend  the  tax  law, in relation to establishing a college
   student expense personal income tax credit

   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 (jjj) to read as follows:
   (JJJ) COLLEGE STUDENT  EXPENSE.  (1)  GENERAL.  A  TAXPAYER  SHALL  BE
 ALLOWED  A  CREDIT  AGAINST  THE  TAX IMPOSED BY THIS ARTICLE, WHERE THE
 TAXPAYER IS A NEW YORK STATE RESIDENT AND HE  OR  SHE,  OR  HIS  OR  HER
 DEPENDENTS, ARE ENROLLED FULL-TIME IN AN UNDERGRADUATE COLLEGE.
   (2)  AMOUNT  OF  CREDIT.  THE  AMOUNT OF THE CREDIT AUTHORIZED BY THIS
 SUBSECTION SHALL BE THE TAXPAYER'S EXPENSES FOR NEW  AND  USED  REQUIRED
 TEXTBOOKS  AND LAPTOP COMPUTERS, IN AN AMOUNT NOT TO EXCEED ONE THOUSAND
 DOLLARS.
   (3) REFUNDABILITY. IF THE AMOUNT OF  THE  CREDIT  ALLOWED  UNDER  THIS
 SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
 YEAR,  THE  EXCESS  SHALL  BE  TREATED  AS  AN  OVERPAYMENT OF TAX TO BE
 REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHT-
 Y-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID
 THEREON.
   (4) DEFINITION. "DEPENDENTS" SHALL HAVE THE SAME MEANING AS DEFINED IN
 SECTION ONE HUNDRED FIFTY-TWO OF  THE  UNITED  STATES  INTERNAL  REVENUE
 CODE.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05737-01-9

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