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History
- Referred to investigations and government operations
- Reported and committed to finance
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S1436
Title of bill
An act to amend the tax law, in relation to a credit against personal income taxes for certain tuition expenses; to amend the tax law and the administrative code of the city of New York, in relation to providing for a modification of elementary and secondary school tuition for personal income tax purposes; and repealing certain provisions of such laws relating thereto
Summary of provisions
Section 1 amends §606 of the Tax Law by adding a new subsection (ss) to establish a tuition tax credit in the amount of 10% of the earned income credit a taxpayer is allowed under IRC § 32 multiplied by the number of dependents attending an elementary or secondary public or nonpublic school on a full-time basis for at least three months during the regular school year. This credit shall not exceed the amour.t paid in tuition for each dependent and in no event 8h211 exceed $500.
Section 2 repeals §612 (j) of the Tax Law and adds new subsection j, which establishes the Tuition tax deduction. Such deduction shall not exceed the amount paid for each dependent in tuition to an elementary or secondary public or non-public school for the education of such dependent.
Justification
In 2006, an effort to establish a tax credit to help families with children was established. This credit was an important step towards helping New York's families with child expenses, but was not linked specifically to educational expenses. Family expenditures for education can be significant and this measure aims to assist with these expenses.
Prior legislative history
S.1594, 2010 - Referred to Investigations and Government Operations S.3691-A, 2007-08 - Referred to Tax and Finance
Fiscal implications
To be determined.
Effective date
Immediately, applying to the 2010 tax year and thereafter.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.