What's happening
This bill doubles the maximum eligible college tuition expenses for New York's personal income tax credit from $10,000 to $20,000 per student.
Why it matters
Increases the amount of tuition expenses eligible for the state income tax credit, which can directly lower the tax bills of families paying for college. this can especially benefit middle-class households who do not qualify for other forms of aid.
Makes college more affordable for a wider range of New Yorkers by potentially reducing their out-of-pocket costs. , helping to ease the financial burden of rising tuition rates at both public and private institutions.
Applies to each eligible student per taxpayer. , meaning families with more than one child in college could see even greater tax relief, making higher education more accessible for multi-student households.
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Increase College Tuition 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 Tuition Tax Credit
In Senate Committee · Budget And Revenue · Sponsor David Carlucci
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5669
2019-2020 Regular Sessions
IN ASSEMBLY
February 14, 2019
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.
LBD06254-01-9
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.