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History
- Referred to higher education
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9803
Title of bill
An act to amend the education law, in relation to providing an exemption of the first twenty thousand dollars of pension income from total income for the purpose of determining amount of awards and loans for student financial aid
Purpose or general idea of bill
Provides an exemption of pension income for the determination of awards and loans for student financial aid.
Summary of specific provisions
Subdivision 1 of section 663 of the education law, as amended by section 1 of pail. F of chapter 57 of the laws of 2009, is amended to read as follows: Income defined. Except as otherwise provided in this section, "income" shall be the total of the combined net taxable income and income from pensions of New York state, local governments and the federal government, except for the first twenty thousand dollars of said pension income of the applicant, the applicant's spouse, and the applicant's parents.
Justification
Pension income was added to the consideration of eligibility for the Tuition Assistance Program (TAP) in the 2009-2010 Fiscal Year budget. Unfortunately, the Adjusted Gross Income used in calculating income for federal income taxes, which is used in determining eligibility, allows for an exclusion of the first 520,000 of private pension income. This puts recipients of public pensions at a $20,000 disadvantage in eligibility. This bill would correct that inequity for the citizens of this state who receive public pensions.
Prior legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to the 2010-2011 academic year.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.