STATE OF NEW YORK ________________________________________________________________________ 7906 2025-2026 Regular Sessions IN SENATE May 13, 2025 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to the college tuition personal income tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 4 of subsection (t) of section 606 of the tax 2 law, as added by section 1 of part DD of chapter 63 of the laws of 2000, 3 is amended to read as follows: 4 (4) Amount of credit. If allowable college tuition expenses are less 5 than five thousand dollars, the amount of the credit provided under this 6 subsection shall be equal to the applicable percentage of the lesser of 7 allowable college tuition expenses or two hundred dollars. If allowable 8 college tuition expenses are five thousand dollars or more, the amount 9 of the credit provided under this subsection shall be equal to the 10 applicable percentage of the allowable college tuition expenses multi- 11 plied by four percent. Such applicable percentage shall be [~~twenty-five~~ 12 ~~percent for taxable years beginning in two thousand one, fifty percent~~ 13 ~~for taxable years beginning in two thousand two, seventy-five percent~~ 14 ~~for taxable years beginning in two thousand three and one hundred~~ 15 ~~percent for taxable years beginning after two thousand three~~] computed 16 in the following manner: 17 For unmarried individuals, a head of a household, or a married indi- 18 vidual filing a separate return: 19 If New York adjusted gross The applicable percentage is: 20 income is: 21 Not over $1,000,000 100% 22 Over $1,000,000 but not over $5,000,000 50% 23 Over $5,000,000 but not over $10,000,000 25% 24 Over $10,000,000 0%. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11075-03-5

S. 7906 2 1 For married individuals who make a single return jointly or surviving 2 spouses: 3 If New York adjusted gross The applicable percentage is: 4 income is: 5 Not over $1,500,000 100% 6 Over $1,500,000 but not over $7,500,000 50% 7 Over $7,500,000 but not over $15,000,000 25% 8 Over $15,000,000 0%. 9 § 2. This act shall take effect on the first of January next succeed- 10 ing the date on which it shall have become a law and shall apply to 11 taxable years beginning on or after such date.

Relates to the college tuition credit

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