senate Bill S96

2021-2022 Legislative Session

Relates to a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee

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

S96 (ACTIVE) - Details

See Assembly Version of this Bill:
A3348
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B, 606 & 1511, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S5067, A8243

S96 (ACTIVE) - Summary

Creates a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee.

S96 (ACTIVE) - Sponsor Memo

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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