S T A T E O F N E W Y O R K
________________________________________________________________________
7906
2025-2026 Regular Sessions
I N S E N A T E
May 13, 2025
___________
Introduced by Sen. GOUNARDES -- 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 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. Paragraph 4 of subsection (t) of section 606 of the tax
law, as added by section 1 of part DD of chapter 63 of the laws of 2000,
is amended to read as follows:
(4) Amount of credit. If allowable college tuition expenses are less
than five thousand dollars, the amount of the credit provided under this
subsection shall be equal to the applicable percentage of the lesser of
allowable college tuition expenses or two hundred dollars. If allowable
college tuition expenses are five thousand dollars or more, the amount
of the credit provided under this subsection shall be equal to the
applicable percentage of the allowable college tuition expenses multi-
plied by four percent. Such applicable percentage shall be [twenty-five
percent for taxable years beginning in two thousand one, fifty percent
for taxable years beginning in two thousand two, seventy-five percent
for taxable years beginning in two thousand three and one hundred
percent for taxable years beginning after two thousand three] COMPUTED
IN THE FOLLOWING MANNER:
FOR UNMARRIED INDIVIDUALS, A HEAD OF A HOUSEHOLD, OR A MARRIED INDI-
VIDUAL FILING A SEPARATE RETURN:
IF NEW YORK ADJUSTED GROSS THE APPLICABLE PERCENTAGE IS:
INCOME IS:
NOT OVER $1,000,000 100%
OVER $1,000,000 BUT NOT OVER $5,000,000 50%
OVER $5,000,000 BUT NOT OVER $10,000,000 25%
OVER $10,000,000 0%.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11075-03-5
S. 7906 2
FOR MARRIED INDIVIDUALS WHO MAKE A SINGLE RETURN JOINTLY OR SURVIVING
SPOUSES:
IF NEW YORK ADJUSTED GROSS THE APPLICABLE PERCENTAGE IS:
INCOME IS:
NOT OVER $1,500,000 100%
OVER $1,500,000 BUT NOT OVER $7,500,000 50%
OVER $7,500,000 BUT NOT OVER $15,000,000 25%
OVER $15,000,000 0%.
§ 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law and shall apply to
taxable years beginning on or after such date.