Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022
referred to budget and revenue
|Jan 06, 2021
referred to budget and revenue
Senate Bill S168
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S168 (ACTIVE) - Details
2021-S168 (ACTIVE) - Summary
Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.
2021-S168 (ACTIVE) - Sponsor Memo
BILL NUMBER: S168 SPONSOR: TEDISCO TITLE OF BILL: An act to amend the tax law, in relation to enacting the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars earned by a college graduate PURPOSE OR GENERAL IDEA OF BILL: This bill exempts four-year college graduates from state income tax on the first $250,000 earned after graduation, with a maximum of $50,000 being claimed each year. Further this bill exempts two-year college graduates from state income tax on the first $150,000 earned after grad- uation, with a maximum of $25,000 being claimed each year. SUMMARY OF SPECIFIC PROVISIONS: Section 1. This act shall be known as the "graduate outreach assistance law."
2021-S168 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 168 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. TEDISCO -- 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 enacting the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars earned by a college graduate THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "graduate outreach assistance law". § 2. Paragraph 3 of subsection (a) of section 605 of the tax law, as added by chapter 28 of the laws of 1987, is amended to read as follows: (3) Accounting methods. (A) A taxpayer's method of accounting under this article shall be the same as his OR HER method of accounting for federal income tax purposes, WITH THE EXCEPTION OF THE PROVISIONS OF SUBPARAGRAPH (B) OF THIS PARAGRAPH. In the absence of any method of accounting for federal income tax purposes, New York taxable income shall be computed under such method as in the opinion of the tax commis- sion clearly reflects income. (B) FOR THE PURPOSE OF COMPUTING NEW YORK TAXABLE INCOME, A TAXPAYER SHALL NOT BE REQUIRED TO INCLUDE IN SUCH COMPUTATION THE FIRST TWO HUNDRED FIFTY THOUSAND DOLLARS, WITH A CAP OF FIFTY THOUSAND DOLLARS PER TAXABLE YEAR, HE OR SHE EARNS FOLLOWING GRADUATION FROM ANY COLLEGE OR UNIVERSITY HAVING ATTAINED A FOUR-YEAR DEGREE OR HIGHER, OR THE FIRST ONE HUNDRED FIFTY THOUSAND DOLLARS, WITH A CAP OF TWENTY-FIVE THOUSAND DOLLARS PER TAXABLE YEAR, HE OR SHE EARNS FOLLOWING GRADUATION FROM ANY COLLEGE OR UNIVERSITY HAVING ATTAINED A TWO-YEAR DEGREE. § 3. This act shall take effect immediately, and shall apply to taxa- ble years beginning the first of January following the effective date of this act. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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