Bill Text: NY A05417 | 2023-2024 | 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 22-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A05417 Detail]

Download: New_York-2023-A05417-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5417

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     March 10, 2023
                                       ___________

        Introduced  by  M. of A. BARCLAY, J. M. GIGLIO, BRABENEC, NORRIS, SMITH,
          DiPIETRO, MIKULIN, WALSH, MILLER, REILLY, SIMPSON,  LEMONDES,  JENSEN,
          DeSTEFANO,  TAGUE  --  Multi-Sponsored  by  --  M.  of A. BLANKENBUSH,
          K. BROWN, DURSO, GALLAHAN, HAWLEY, MANKTELOW, McDONOUGH --  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.
                                                                   LBD02622-01-3