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Speaker Carl E. Heastie
 
     
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S07906 Summary:

BILL NOS07906
 
SAME ASNo Same As
 
SPONSORGOUNARDES
 
COSPNSR
 
MLTSPNSR
 
Amd §606, Tax L
 
Amends the college tuition credit; eliminates the credit for taxpayers whose adjusted gross income is over $15,000,000; sets a sliding scale.
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S07906 Text:




 
                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.
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