Bill Text: NY A03760 | 2015-2016 | General Assembly | Introduced

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Bill Title: Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.

Spectrum: Moderate Partisan Bill (Republican 6-1)

Status: (Introduced - Dead) 2016-06-14 - held for consideration in ways and means [A03760 Detail]

Download: New_York-2015-A03760-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3760
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 27, 2015
                                      ___________
       Introduced by M. of A. TEDISCO, KOLB, MONTESANO -- Multi-Sponsored by --
         M.  of  A. HAWLEY, RA, TENNEY, THIELE -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the tax  law,  in  relation  to  enacting  the  graduate
         outreach assistance law to exempt from state income taxation the first
         two hundred fifty thousand dollars earned by a college graduate
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. This act shall be known and may be cited as  the  "graduate
    2  outreach assistance law".
    3    S  2.  Paragraph 3 of subsection (a) of section 605 of the tax law, as
    4  added by chapter 28 of the laws of 1987, is amended to read as follows:
    5    (3) Accounting methods. (A) A taxpayer's method  of  accounting  under
    6  this  article  shall  be the same as his OR HER method of accounting for
    7  federal income tax purposes, WITH THE EXCEPTION  OF  THE  PROVISIONS  OF
    8  SUBPARAGRAPH  (B)  OF  THIS PARAGRAPH.   In the absence of any method of
    9  accounting for federal income tax  purposes,  New  York  taxable  income
   10  shall be computed under such method as in the opinion of the tax commis-
   11  sion clearly reflects income.
   12    (B)  FOR  THE PURPOSE OF COMPUTING NEW YORK TAXABLE INCOME, A TAXPAYER
   13  SHALL NOT BE REQUIRED TO INCLUDE  IN  SUCH  COMPUTATION  THE  FIRST  TWO
   14  HUNDRED FIFTY THOUSAND DOLLARS, WITH A CAP OF FIFTY THOUSAND DOLLARS PER
   15  TAXABLE  YEAR,  HE OR SHE EARNS FOLLOWING GRADUATION FROM ANY COLLEGE OR
   16  UNIVERSITY HAVING ATTAINED A FOUR-YEAR DEGREE OR HIGHER,  OR  THE  FIRST
   17  ONE  HUNDRED  FIFTY THOUSAND DOLLARS, WITH A CAP OF TWENTY-FIVE THOUSAND
   18  DOLLARS PER TAXABLE YEAR, HE OR SHE EARNS FOLLOWING GRADUATION FROM  ANY
   19  COLLEGE OR UNIVERSITY HAVING ATTAINED A TWO-YEAR DEGREE.
   20    S  3. This act shall take effect immediately, and shall apply to taxa-
   21  ble years beginning the first of January following the effective date of
   22  this act.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02653-01-5