S T A T E O F N E W Y O R K
________________________________________________________________________
6005
2023-2024 Regular Sessions
I N A S S E M B L Y
March 30, 2023
___________
Introduced by M. of A. FITZPATRICK, J. M. GIGLIO -- Multi-Sponsored by
-- M. of A. MANKTELOW -- read once and referred to the Committee on
Ways and Means
AN ACT to amend the tax law, in relation to establishing a college
student expense personal income tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 606 of the tax law is amended by adding a new
subsection (ooo) to read as follows:
(OOO) COLLEGE STUDENT EXPENSE. (1) GENERAL. A TAXPAYER SHALL BE
ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, WHERE THE
TAXPAYER IS A NEW YORK STATE RESIDENT AND HE OR SHE, OR HIS OR HER
DEPENDENTS, ARE ENROLLED FULL-TIME IN AN UNDERGRADUATE COLLEGE.
(2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT AUTHORIZED BY THIS
SUBSECTION SHALL BE THE TAXPAYER'S EXPENSES FOR NEW AND USED REQUIRED
TEXTBOOKS AND LAPTOP COMPUTERS, IN AN AMOUNT NOT TO EXCEED ONE THOUSAND
DOLLARS.
(3) REFUNDABILITY. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHT-
Y-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID
THEREON.
(4) DEFINITION. "DEPENDENTS" SHALL HAVE THE SAME MEANING AS DEFINED IN
SECTION ONE HUNDRED FIFTY-TWO OF THE UNITED STATES INTERNAL REVENUE
CODE.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08540-01-3