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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to creating a college preparation expense tax credit
In Assembly Committee · Ways And Means · Sponsor Nily Rozic
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7710
Title of bill
An act to amend the tax law, in relation to establishing the college preparation tax credit act
Purpose
To help families meet the costs of college preparation by allowing them to qualify for a tax credit of up to five hundred dollars per child.
Summary of provisions
Section I titles the bill.
Section II amends section 606 of the tax law by adding a new subsection (ccc) which allows a resident taxpayer a credit of up to five hundred dollars per child for qualified college preparation expenses paid or incurred by the taxpayer during a taxable year.
Section III sets forth the effective date.
Justification
College affordability is an issue that working and middle class families continue to struggle with as the expenses for college preparation continue to skyrocket. The costs incurred during the application process often become a financial burden for families who cannot afford to pay for admission tests such as the SAT and the ACT and the preparation courses offered for such tests.
This bill would provide these families with the option to qualify for a tax credit of up to five hundred dollars per child for college preparation expenses paid or incurred during a taxable year. The term "qualified" would apply to the fees required to take the SAT, the ACT, SAT subject tests, Advanced Placement (AP) tests, preparation classes, and admission applications. With tuition costs rising, it is important to provide these families with some form of financial relief as they work to ensure the academic success of their children.
Legislative history
This is a new bill in the Senate.
Fiscal impact on the state
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.