Senate Bill S6061

2021-2022 Legislative Session

Increases the personal income tax credit for college tuition expenses

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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-S6061 (ACTIVE) - Details

See Assembly Version of this Bill:
A7331
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6697, A9664
2015-2016: S1222, A6574
2017-2018: S712, A6237
2019-2020: S3528, A5669
2023-2024: A3989

2021-S6061 (ACTIVE) - Summary

Increases the personal income tax credit for college tuition from the first $10,000 to the first $20,000 of college tuition expenses.

2021-S6061 (ACTIVE) - Sponsor Memo

2021-S6061 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6061
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               April 1, 2021
                                ___________
 
 Introduced  by  Sen. REICHLIN-MELNICK -- read twice and ordered printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue
 
 AN ACT to amend the tax law,  in  relation  to  increasing  the  college
   tuition personal income tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (A)  of  paragraph  2  of  subsection  (t)  of
 section 606 of the tax law, as amended by section 1 of part N of chapter
 85 of the laws of 2002, is amended to read as follows:
   (A)  The  term  "allowable  college  tuition  expenses" shall mean the
 amount of qualified college tuition expenses of eligible  students  paid
 by  the  taxpayer during the taxable year, limited to [ten] TWENTY thou-
 sand dollars for each such student;
   § 2. This act shall take effect immediately, and shall  apply  to  the
 taxable year in which it takes effect and taxable years commencing on or
 after such date.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08281-01-1



              

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