senate Bill S8005

2019-2020 Legislative Session

Establishes the "education affordability act" and tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 09, 2020 referred to investigations and government operations

S8005 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§208, 210-B, 606 & 615, Tax L; add Art 25 §§1209 - 1217, §1503-a, Ed L

S8005 (ACTIVE) - Summary

Establishes the "education affordability act" and tax credit; provides credits against income and corporate franchise tax for various qualified education investments including scholarships, education funds and home-based instructional materials.

S8005 (ACTIVE) - Sponsor Memo

S8005 (ACTIVE) - Bill Text download pdf


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

                                  8005

                            I N  S E N A T E

                              March 9, 2020
                               ___________

Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law and the education law, in relation to enact-
  ing the "education affordability act"

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

  Section  1.  Short  title. This act shall be known and may be cited as
the "education affordability act".
  § 2.  The tax law is amended by adding a new section  45  to  read  as
follows:
  §  45.  EDUCATION  AFFORDABILITY TAX CREDIT.  (A) DEFINITIONS. FOR THE
PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE SAME  DEFI-
NITION AS PROVIDED FOR IN ARTICLE TWENTY-FIVE OF THE EDUCATION LAW:
  "AUTHORIZED CONTRIBUTION";
  "CONTRIBUTION";
  "EDUCATIONAL PROGRAM";
  "EDUCATIONAL SCHOLARSHIP ORGANIZATION";
  "ELIGIBLE PUPIL";
  "LOCAL EDUCATION FUND";
  "NONPUBLIC SCHOOL";
  "PUBLIC EDUCATION ENTITY";
  "PUBLIC SCHOOL";
  "QUALIFIED CONTRIBUTION";
  "QUALIFIED EDUCATOR";
  "QUALIFIED SCHOOL";
  "SCHOLARSHIP"; AND
  "SCHOOL IMPROVEMENT ORGANIZATION".
  (B)  ALLOWANCE  OF  CREDIT.  A  TAXPAYER  SUBJECT TO TAX UNDER ARTICLE
NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL  BE  ALLOWED  CREDIT  AGAINST
SUCH  TAX,  PURSUANT  TO THE PROVISIONS REFERENCED IN SUBDIVISION (L) OF
THIS SECTION, WITH RESPECT TO QUALIFIED CONTRIBUTIONS  MADE  DURING  THE
TAXABLE YEAR.

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

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