Bill Text: NY A09783 | 2013-2014 | General Assembly | Amended

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Bill Title: Creates a college preparation expense tax credit for up to three year's per child/individual for up to $500 per year for qualified college preparation expenses.

Spectrum: Moderate Partisan Bill (Democrat 16-2)

Status: (Introduced - Dead) 2014-05-27 - print number 9783a [A09783 Detail]

Download: New_York-2013-A09783-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        9783--A
                                 I N  A S S E M B L Y
                                     May 22, 2014
                                      ___________
       Introduced  by M. of A. ROZIC -- read once and referred to the Committee
         on Ways and Means  --  committee  discharged,  bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       AN  ACT  to  amend  the tax law, in relation to establishing the college
         preparation tax credit act
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  This  act shall be known and may be cited as the "college
    2  preparation tax credit act".
    3    S 2. Section 606 of the tax law is amended by adding a new  subsection
    4  (ccc) to read as follows:
    5    (CCC)  COLLEGE  PREPARATION  EXPENSE  CREDIT.  (1) A RESIDENT TAXPAYER
    6  SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY  THIS  ARTICLE  FOR
    7  ALLOWABLE  COLLEGE  PREPARATION EXPENSES. EACH TAXABLE YEAR, A CREDIT OF
    8  UP TO FIVE HUNDRED DOLLARS PER CHILD  SHALL  BE  ALLOWED  FOR  QUALIFIED
    9  COLLEGE  PREPARATION  EXPENSES  PAID  OR INCURRED BY THE TAXPAYER DURING
   10  SUCH TAXABLE YEAR. NO CREDIT SHALL BE ALLOWED FOR ANY EXPENSES  PAID  OR
   11  INCURRED DURING THE TAXABLE YEAR WITH RESPECT TO ANY INDIVIDUAL FOR WHOM
   12  AN  ELECTION  IS  NOT  IN  EFFECT UNDER THIS SUBSECTION FOR SUCH TAXABLE
   13  YEAR. AN ELECTION MAY NOT BE MADE  FOR  ANY  TAXABLE  YEAR  IF  SUCH  AN
   14  ELECTION  IS  IN  EFFECT  WITH  RESPECT TO SUCH INDIVIDUAL FOR ANY THREE
   15  PRIOR TAXABLE YEARS.
   16    (2) QUALIFIED COLLEGE  PREPARATION  EXPENSES.  FOR  PURPOSES  OF  THIS
   17  SUBSECTION,  THE  TERM  "QUALIFIED  COLLEGE  PREPARATION EXPENSES" MEANS
   18  AMOUNTS PAID OR INCURRED FOR:
   19    (A) FEES REQUIRED FOR TAKING ANY ADVANCED PLACEMENT  OR  INTERNATIONAL
   20  BACCALAUREATE EXAM;
   21    (B)  FEES  REQUIRED  FOR  TAKING  THE SAT, THE ACT, OR ANY SAT SUBJECT
   22  TEST;
   23    (C) EXPENSES RELATED TO PREPARATION INCLUDING  TUTORIAL  SERVICES  AND
   24  PREPARATION CLASSES FOR ANY EXAM DESCRIBED IN SUBPARAGRAPH (A) OR (B) OF
   25  THIS PARAGRAPH;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15301-03-4
       A. 9783--A                          2
    1    (D)  FEES AND EXPENSES RELATED TO APPLICATIONS FOR ADMISSION TO PURSUE
    2  A POSTSECONDARY COURSE OF STUDY AT AN ELIGIBLE EDUCATIONAL  INSTITUTION;
    3  AND
    4    (E)  SUCH  OTHER  SIMILAR EXPENSES AND FEES AS THE COMMISSIONER MAY BY
    5  REGULATION PRESCRIBE.
    6    (3) TREATMENT OF EXPENSES PAID BY DEPENDENT. IF A DEDUCTION UNDER THIS
    7  SUBSECTION WITH RESPECT TO AN INDIVIDUAL IS ALLOWED TO ANOTHER  TAXPAYER
    8  FOR A TAXABLE YEAR BEGINNING IN THE CALENDAR YEAR IN WHICH SUCH INDIVID-
    9  UAL'S TAXABLE YEAR BEGINS:
   10    (A)  NO CREDIT SHALL BE ALLOWED UNDER PARAGRAPH ONE OF THIS SUBSECTION
   11  TO SUCH INDIVIDUAL FOR SUCH INDIVIDUAL'S TAXABLE YEAR; AND
   12    (B) QUALIFIED COLLEGE PREPARATION EXPENSES  PAID  BY  SUCH  INDIVIDUAL
   13  DURING  SUCH  INDIVIDUAL'S TAXABLE YEAR SHALL BE TREATED FOR PURPOSES OF
   14  THIS SUBSECTION AS PAID BY SUCH OTHER TAXPAYER.
   15    S 3. This act shall take effect immediately.