Bill Text: NY A07325 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 7325 (Prior Session Legislation)

Introduced

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: Slight Partisan Bill (Republican 2-1)

Status: (Introduced - Dead) 2018-06-14 - held for consideration in ways and means [A07325 Detail]

Download: New_York-2017-A07325-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          7325
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     April 24, 2017
                                       ___________
        Introduced  by M. of A. FITZPATRICK, MONTESANO -- 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 (ccc) to read as follows:
     3    (ccc)  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.
                                                                   LBD11104-01-7