Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to budget and revenue
|Jan 06, 2021||
referred to budget and revenue
Senate Bill S96
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-S96 (ACTIVE) - Details
2021-S96 (ACTIVE) - Sponsor Memo
BILL NUMBER: S96 SPONSOR: THOMAS TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: The purpose of the bill is to increase New Yorkers' college savings for their children by incentivizing employers to contribute to employees' family tuition saving accounts, otherwise known as college choice tuition savings accounts, or 529 plans. SUMMARY OF PROVISIONS: Section 1 of the bill amends section 210-B of the tax law by adding subdivision 54. Subparagraph (a) of subdivision 54 states that taxpay- ers are allowed a credit against their New York State corporate income
2021-S96 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 96 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ 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 55 to read as follows: 55. 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
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