Bill Text: NY A06005 | 2023-2024 | 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 3-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A06005 Detail]

Download: New_York-2023-A06005-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6005

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     March 30, 2023
                                       ___________

        Introduced  by  M. of A. FITZPATRICK, J. M. GIGLIO -- Multi-Sponsored by
          -- M. of A.  MANKTELOW -- 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 (ooo) to read as follows:
     3    (ooo) College student  expense.  (1)  General.  A  taxpayer  shall  be
     4  allowed  a  credit  against  the  tax imposed by this article, where the
     5  taxpayer is a New York state resident and he  or  she,  or  his  or  her
     6  dependents, are 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    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08540-01-3