Bill Text: NY A03318 | 2013-2014 | General Assembly | Introduced

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Bill Title: Establishes a college student expense personal income tax credit for a taxpayer or his or her dependents who are enrolled full-time in an undergraduate college, equal to the amount paid for new and used required textbooks and laptop computers not to exceed one thousand dollars.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A03318 Detail]

Download: New_York-2013-A03318-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3318
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 24, 2013
                                      ___________
       Introduced  by  M. of A. FITZPATRICK, MONTESANO -- Multi-Sponsored by --
         M. of A. RA, TENNEY -- read once and referred to the Committee on Ways
         and Means
       AN ACT to amend the tax law,  in  relation  to  establishing  a  college
         student expense 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. Section 606 of the tax law  is  amended  by  adding  a  new
    2  subsection (vv) to read as follows:
    3    (VV) COLLEGE STUDENT EXPENSE. (1) GENERAL. A TAXPAYER SHALL BE ALLOWED
    4  A  CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, WHERE THE TAXPAYER IS
    5  A NEW YORK STATE RESIDENT AND HE OR SHE, OR HIS OR HER  DEPENDENTS,  ARE
    6  ENROLLED FULL-TIME IN AN UNDERGRADUATE COLLEGE.
    7    (2)  AMOUNT  OF  CREDIT.  THE  AMOUNT OF THE CREDIT AUTHORIZED BY THIS
    8  SUBSECTION SHALL BE THE TAXPAYER'S EXPENSES FOR NEW  AND  USED  REQUIRED
    9  TEXTBOOKS  AND LAPTOP COMPUTERS, IN AN AMOUNT NOT TO EXCEED ONE THOUSAND
   10  DOLLARS.
   11    (3) REFUNDABILITY. IF THE AMOUNT OF  THE  CREDIT  ALLOWED  UNDER  THIS
   12  SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
   13  YEAR,  THE  EXCESS  SHALL  BE  TREATED  AS  AN  OVERPAYMENT OF TAX TO BE
   14  REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHT-
   15  Y-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID
   16  THEREON.
   17    (4) DEFINITION. "DEPENDENTS" SHALL HAVE THE SAME MEANING AS DEFINED IN
   18  SECTION ONE HUNDRED FIFTY-TWO OF  THE  UNITED  STATES  INTERNAL  REVENUE
   19  CODE.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05995-01-3