senate Bill S5067A

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

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

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.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to budget and revenue
May 29, 2019 print number 5067a
May 29, 2019 amend and recommit to budget and revenue
Apr 05, 2019 referred to budget and revenue

S5067 - Details

See Assembly Version of this Bill:
A8243
Law Section:
Tax Law
Laws Affected:
Amd §§210-B, 606 & 1511, Tax L

S5067 - Summary

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

S5067 - Sponsor Memo

S5067 - Bill Text download pdf


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

                                  5067

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              April 5, 2019
                               ___________

Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Budget and Revenue

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 53 to read as follows:
  53. 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
THE EXCLUSION LIMITS SET FORTH IN PARAGRAPH THIRTY-TWO OF SUBSECTION (C)
OF SECTION SIX HUNDRED TWELVE OF THIS CHAPTER.
  (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.

S5067A (ACTIVE) - Details

See Assembly Version of this Bill:
A8243
Law Section:
Tax Law
Laws Affected:
Amd §§210-B, 606 & 1511, Tax L

S5067A (ACTIVE) - Summary

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

S5067A (ACTIVE) - Sponsor Memo

S5067A (ACTIVE) - Bill Text download pdf


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

                                 5067--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              April 5, 2019
                               ___________

Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Budget  and  Revenue  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

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

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

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.

 

Related Recent Legislation