STATE OF NEW YORK
________________________________________________________________________
23--A
2015-2016 Regular Sessions
IN SENATE(Prefiled)
January 7, 2015
___________
Introduced by Sens. LAVALLE, DeFRANCISCO, FLANAGAN, FUNKE, GRIFFO,
MARCHIONE, RANZENHOFER, SEWARD -- read twice and ordered printed, and
when printed to be committed to the Committee on Investigations and
Government Operations -- recommitted to the Committee on Investi-
gations and Government Operations in accordance with Senate Rule 6,
sec. 8 -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the tax law, in relation to the definition of "allowable
college tuition expenses" and the tax credit allowed for such expenses
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (A) of paragraph 2 of subsection (t) of
2 section 606 of the tax law, as amended by section 1 of part N of chapter
3 85 of the laws of 2002, is amended to read as follows:
4 (A) The term "allowable college tuition expenses" shall mean the
5 amount of qualified college tuition expenses of eligible students paid
6 by the taxpayer during the taxable year[,]. The amount of qualified
7 college tuition expenses shall be limited [to] as follows: for taxable
8 years beginning after two thousand and before two thousand eighteen, ten
9 thousand dollars for each such student; for taxable years beginning in
10 two thousand eighteen, twelve thousand dollars for each student; for
11 taxable years beginning in two thousand nineteen, fourteen thousand
12 dollars for each student; for taxable years beginning in two thousand
13 twenty, sixteen thousand dollars for each student; for taxable years
14 beginning in two thousand twenty-one, eighteen thousand dollars for each
15 student; and for taxable years beginning after two thousand twenty-one,
16 twenty thousand dollars per student;
17 § 2. Paragraph 4 of subsection (t) of section 606 of the tax law, as
18 added by section 1 of part DD of chapter 63 of the laws of 2000, is
19 amended to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00956-02-6
S. 23--A 2
1 (4) Amount of credit. [If allowable college tuition expenses are less
2 than five thousand dollars, the amount of the credit provided under this
3 subsection shall be equal to the applicable percentage of the lesser of
4 allowable college tuition expenses or two hundred dollars. If allowable
5 college tuition expenses are five thousand dollars or more, the amount
6 of the credit provided under this subsection shall be equal to the
7 applicable percentage of the allowable college tuition expenses multi-
8 plied by four percent.]
9 The amount of the credit shall be determined in accordance with the
10 following schedules:
11 (A) For taxable years beginning after two thousand and before two
12 thousand eighteen:
13 If allowable college tuitionThe tax credit is equal to:
14 expenses are:
15 Less than five thousand dollarsthe applicable percentage of the
16 lesser of allowable college tuition
17 expenses or two hundred dollars
18 Five thousand dollars or morethe applicable percentage of
19 allowable college tuition expenses
20 multiplied by four percent
21 (B) For taxable years beginning in two thousand eighteen:
22 If allowable college tuitionThe tax credit is equal to:
23 expenses are:
24 Less than six thousand dollarsthe lesser of allowable college
25 tuition expenses or two hundred
26 forty dollars
27 Six thousand dollars or morethe allowable college tuition
28 expenses multiplied by four percent
29 (C) For taxable years beginning in two thousand nineteen:
30 If allowable college tuitionThe tax credit is equal to:
31 expenses are:
32 Less than seven thousand dollarsthe lesser of allowable college
33 tuition expenses or two hundred
34 eighty dollars
35 Seven thousand dollars or more the allowable college tuition
36 expenses multiplied by four percent
37 (D) For taxable years beginning in two thousand twenty:
38 If allowable college tuitionThe tax credit is equal to:
39 expenses are:
40 Less than eight thousand dollarsthe lesser of allowable college
41 tuition expenses or three hundred
42 twenty dollars
43 Eight thousand dollars or morethe allowable college tuition
44 expenses multiplied by four percent
45 (E) For taxable years beginning in two thousand twenty-one:
46 If allowable college tuitionThe tax credit is equal to:
47 expenses are:
48 Less than nine thousand dollars the lesser of allowable college
49 tuition expenses or three hundred
50 sixty dollars
51 Nine thousand dollars or more the allowable college tuition
52 expenses multiplied by four percent
53 (F) For taxable years beginning after two thousand twenty-one:
54 If allowable college tuitionThe tax credit is equal to:
55 expenses are:
56 Less than ten thousand dollars the lesser of allowable college
S. 23--A 3
1 tuition expenses or four hundred
2 dollars
3 Ten thousand dollars or more the allowable college tuition
4 expenses multiplied by four percent
5 Such applicable percentage shall be twenty-five percent for taxable
6 years beginning in two thousand one, fifty percent for taxable years
7 beginning in two thousand two, seventy-five percent for taxable years
8 beginning in two thousand three and one hundred percent for taxable
9 years beginning after two thousand three.
10 § 3. This act shall take effect immediately and shall apply to taxable
11 years beginning on or after January 1, 2018.
