Senate Bill S5573

2021-2022 Legislative Session

Establishes the "education affordability act" and tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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2021-S5573 (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
Versions Introduced in Other Legislative Sessions:
2019-2020: S8005
2023-2024: S4766

2021-S5573 (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.

2021-S5573 (ACTIVE) - Sponsor Memo

2021-S5573 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5573
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 11, 2021
                                ___________
 
 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-
 NITIONS 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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