senate Bill S168

2021-2022 Legislative Session

Exempts from state income taxation the first $250,000 earned by four-year college graduates or the first $150,000 earned by two-year graduates

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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to budget and revenue
Jan 06, 2021 referred to budget and revenue

S168 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §605, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S2882
2019-2020: S360

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.

S168 (ACTIVE) - Sponsor Memo

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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