Bill Text: NY A05214 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides an itemized deduction for expenses for course-mandated supplies for eligible college students paid by taxpayers.

Spectrum: Strong Partisan Bill (Republican 12-1)

Status: (Introduced - Dead) 2016-06-15 - held for consideration in ways and means [A05214 Detail]

Download: New_York-2015-A05214-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5214
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 13, 2015
                                      ___________
       Introduced  by M. of A. KOLB, GIGLIO, MONTESANO -- Multi-Sponsored by --
         M. of A. BARCLAY, CROUCH, DUPREY, HAWLEY, McDONOUGH, McKEVITT, SALADI-
         NO, THIELE -- read once and referred to  the  Committee  on  Ways  and
         Means
       AN  ACT  to amend the tax law, in relation to providing a tax credit for
         course-mandated supplies for eligible college students
         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 (d) of section 615 of the tax
    2  law, as added by section 2 of part DD of chapter 63 of the laws of 2000,
    3  is amended to read as follows:
    4    (4) allowable college tuition expenses, as defined in paragraph two of
    5  subsection (t) of section six hundred six of this article,  AND  COLLEGE
    6  EXPENSES  FOR  COURSE-MANDATED  SUPPLIES  multiplied  by  the applicable
    7  percentage. Such applicable percentage shall be twenty-five percent  for
    8  taxable  years  beginning in two thousand one, fifty percent for taxable
    9  years beginning in two thousand two, seventy-five  percent  for  taxable
   10  years  beginning in two thousand three and one hundred percent for taxa-
   11  ble years beginning after two  thousand  three.  Provided,  however,  no
   12  deduction shall be allowed under this paragraph to a taxpayer who claims
   13  the  credit  provided under subsection (t) of section six hundred six of
   14  this article.
   15    S 2. This act shall take effect on the first of January next  succeed-
   16  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03605-01-5