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History
- Print number 380a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- 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.
Provides taxpayers with modification reducing federal adjusted gross income for tuition paid at any higher education institution
In Assembly Committee · Ways And Means · Sponsor Victor M. Pichardo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to providing personal income taxpayers with a modification reducing federal adjusted gross income for tuition paid at any institution of higher education
Summary
Subsection (c) of section 612 of the tax law is amended to allow for up to three thousand dollars of the amount paid for tuition at any institution of higher education within New York State provided that the expense is for the taxpayer or for the taxpayer or for a dependent of the taxpayer.
Justification
In New York State, higher education is becoming beyond the reach of those with ambitions to obtain a degree. Tuition and fees at public 4 year universities have increased 127% in the past two decades, and the New York State's Tuition Assistance Program (TAP) awards have not increased proportionately to cover these rising costs. Consequently, many more students are covering these costs with loans. In this state, nearly 3 million students have loan debt, totaling to an amount of approximately $73 billion in student loan debt.
The costs of higher education and large student loan debt can potentially stymie economic growth and viability of New York State and the United States. Graduates with student loan debt are less likely to become homeowners, less likely to set aside money for their children's college tuition and more likely to delay making contributions to their own retirement.
In order to continue to have an educated populace, it is important to provide safety nets and support students past and future. This proposal would reward graduates by offering a tax deduction of up to three thousand dollars of the amount paid for tuition at any institution of higher education within New York State, provided that the expense is for the taxpayer or a dependent of the taxpayer. The tax credit will signify New York State's commitment to higher education and the future of our citizens.
Legislative history
2013-2014: S939 2012: S6403
Fiscal implications
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.