assembly Bill A8243

2019-2020 Legislative Session

Relates to a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee

download bill text pdf

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Archive: Last Bill Status - In Assembly 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to ways and means
Jun 10, 2019 referred to ways and means

A8243 (ACTIVE) - Details

See Senate Version of this Bill:
S5067
Law Section:
Tax Law
Laws Affected:
Amd §§210-B, 606 & 1511, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A3348, S96

A8243 (ACTIVE) - Summary

Creates a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee.

A8243 (ACTIVE) - Bill Text download pdf


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

                                  8243

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                              June 10, 2019
                               ___________

Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to creating a  tax  credit  for
  employers  who  contribute to a college choice tuition savings account
  on behalf of an employee

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

  Section  1.  Section  210-B  of the tax law is amended by adding a new
subdivision 54 to read as follows:
  54. EMPLOYER COLLEGE CHOICE TUITION SAVINGS CONTRIBUTION CREDIT.   (A)
ALLOWANCE  OF  CREDIT.  A  TAXPAYER  SHALL  BE  ALLOWED  A CREDIT, TO BE
COMPUTED AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION,  AGAINST  THE
TAX IMPOSED BY THIS ARTICLE, IF IT PROVIDES A CONTRIBUTION, ON BEHALF OF
AN EMPLOYEE, TO A FAMILY TUITION ACCOUNT ESTABLISHED UNDER ARTICLE FOUR-
TEEN-A OF THE EDUCATION LAW BY SUCH EMPLOYEE.
  (B)  AMOUNT OF CREDIT. THE CREDIT ALLOWED PURSUANT TO PARAGRAPH (A) OF
THIS SUBDIVISION SHALL BE IN AN AMOUNT EQUAL TO THE TAXPAYER'S  PAYMENT,
ON  BEHALF OF AN EMPLOYEE, TO A FAMILY TUITION ACCOUNT ESTABLISHED UNDER
ARTICLE FOURTEEN-A OF THE EDUCATION  LAW  BY  SUCH  EMPLOYEE.  PROVIDED,
HOWEVER, THAT NO SUCH CREDIT ALLOWED UNDER THIS SUBDIVISION SHALL EXCEED
FIVE THOUSAND DOLLARS PER EMPLOYEE.
  (C)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
THAN  THE  AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF
SECTION TWO HUNDRED TEN OF THIS ARTICLE.  IF,  HOWEVER,  THE  AMOUNT  OF
CREDITS  ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE
TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS  NOT  DEDUCTIBLE  IN  SUCH
TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10997-05-9