Bill Text: NY A06508 | 2011-2012 | 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: Moderate Partisan Bill (Republican 15-3)

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A06508 Detail]

Download: New_York-2011-A06508-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6508
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 21, 2011
                                      ___________
       Introduced  by  M. of A. KOLB, GIGLIO, MOLINARO -- Multi-Sponsored by --
         M. of A. BARCLAY, BURLING,  CONTE,  CROUCH,  DUPREY,  HAWLEY,  JORDAN,
         McDONOUGH,  McKEVITT, REILICH, SALADINO, SAYWARD, THIELE, TOWNS, WEIS-
         ENBERG -- 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.
                                                                  LBD05332-01-1