Assembly Bill A5125

2023-2024 Legislative Session

Enacts Retain-NY by implementing tuition tax credits and increasing the amount of an allowable deduction

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Sponsored By

Current Bill Status - In Assembly 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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2023-A5125 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10354
2013-2014: A4891
2015-2016: A5196
2017-2018: A4460
2019-2020: A3478
2021-2022: A5881

2023-A5125 (ACTIVE) - Summary

Relates to a tuition tax credit; increases the amount of an allowable deduction (Part A); reduces income by the amount of interest paid for student loans (Part B).

2023-A5125 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5125
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 2, 2023
                                ___________
 
 Introduced  by M. of A. BARCLAY, PALMESANO, HAWLEY, J. M. GIGLIO, BRABE-
   NEC, DiPIETRO, GOODELL,  NORRIS,  SMITH,  MIKULIN,  WALSH,  MANKTELOW,
   MILLER,  JENSEN, GALLAHAN, LEMONDES, DeSTEFANO, SIMPSON -- Multi-Spon-
   sored by -- M. of A.  BLANKENBUSH, K. BROWN, FRIEND -- read  once  and
   referred to the Committee on Ways and Means

 AN  ACT  to  amend  the tax law, in relation to a tuition tax credit and
   increasing the amount of an allowable deduction (Part A); and to amend
   the tax law, in relation to reducing income by the amount of  interest
   paid for student loans (Part B)
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act enacts into law components of legislation relating
 to Retain-NY. Each component is wholly contained within a  Part  identi-
 fied  as  Parts  A  through  B.  The  effective date for each particular
 provision contained within such Part is set forth in the last section of
 such Part. Any provision in any section contained within a Part, includ-
 ing the effective date of the Part, which makes reference to  a  section
 "of  this  act", when used in connection with that particular component,
 shall be deemed to mean and refer to the corresponding  section  of  the
 Part  in  which  it  is  found. Section three of this act sets forth the
 general effective date of this act.
 
                                  PART A
 
   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[,]. THE AMOUNT OF QUALIFIED
 COLLEGE TUITION EXPENSES SHALL BE limited [to] AS FOLLOWS:  FOR  TAXABLE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03831-01-3
              

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