Bill Text: NY A05301 | 2021-2022 | 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: Partisan Bill (Republican 25-0)

Status: (Introduced - Dead) 2022-06-01 - held for consideration in ways and means [A05301 Detail]

Download: New_York-2021-A05301-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5301

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    February 12, 2021
                                       ___________

        Introduced  by  M.  of  A.  BARCLAY,  J. M. GIGLIO, BRABENEC, MONTESANO,
          NORRIS, SMITH, DiPIETRO, MIKULIN,  ASHBY,  WALSH,  B. MILLER,  REILLY,
          SIMPSON, LEMONDES, JENSEN, DeSTEFANO -- Multi-Sponsored by -- M. of A.
          BLANKENBUSH,  BROWN,  DURSO,  GALLAHAN,  HAWLEY, MANKTELOW, McDONOUGH,
          M. MILLER -- 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    §  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.
                                                                   LBD02545-01-1