What's happening
This bill doubles the maximum allowable college tuition expenses for New York's personal income tax credit from $10,000 to $20,000 per student.
Why it matters
Increases potential tax relief for families and students. By doubling the maximum allowable tuition expenses from $10,000 to $20,000 per student, families could claim a larger personal income tax credit, potentially reducing their overall state tax burden.
Makes higher education more financially accessible. The expanded credit may help offset the rising costs of college tuition, making it somewhat easier for students and their families to afford postsecondary education in New York.
May benefit middle-income households the most. Since the tuition tax credit phases out at higher incomes and lower-income families may already receive other aid, this change primarily helps middle-income New Yorkers who pay significant tuition out of pocket.
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Increase College Tax Credit
Plain English, a few words. Used as the page title.
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History
- Referred to ways and means
- Referred to ways and means
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.
Increase College Tax Credit
In Senate Committee · Investigations And Government Operations · Sponsor David Carlucci
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6237
2017-2018 Regular Sessions
IN ASSEMBLY
March 1, 2017
Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to increasing the college tuition personal income tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (A) of paragraph 2 of subsection (t) of section 606 of the tax law, as amended by section 1 of part N of chapter 85 of the laws of 2002, is amended to read as follows:
(A) The term "allowable college tuition expenses" shall mean the amount of qualified college tuition expenses of eligible students paid by the taxpayer during the taxable year, limited to [ten] twenty thousand dollars for each such student;
§ 2. This act shall take effect immediately, and shall apply to the taxable year in which it takes effect and taxable years commencing on or after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01794-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.