Bill Text: NY S00168 | 2021-2022 | General Assembly | Introduced

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Bill Title: Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S00168 Detail]

Download: New_York-2021-S00168-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           168

                               2021-2022 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax  law,  in  relation  to  enacting  the  graduate
          outreach assistance law to exempt from state income taxation the first
          two hundred fifty thousand dollars earned by a college graduate

          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  "graduate
     2  outreach assistance law".
     3    §  2.  Paragraph 3 of subsection (a) of section 605 of the tax law, as
     4  added by chapter 28 of the laws of 1987, is amended to read as follows:
     5    (3) Accounting methods. (A) A taxpayer's method  of  accounting  under
     6  this  article  shall  be the same as his or her method of accounting for
     7  federal income tax purposes, with the exception  of  the  provisions  of
     8  subparagraph  (B)  of  this paragraph.   In the absence of any method of
     9  accounting for federal income tax  purposes,  New  York  taxable  income
    10  shall be computed under such method as in the opinion of the tax commis-
    11  sion clearly reflects income.
    12    (B)  For  the purpose of computing New York taxable income, a taxpayer
    13  shall not be required to include  in  such  computation  the  first  two
    14  hundred fifty thousand dollars, with a cap of fifty thousand dollars per
    15  taxable  year,  he or she earns following graduation from any college or
    16  university having attained a four-year degree or higher,  or  the  first
    17  one  hundred  fifty thousand dollars, with a cap of twenty-five thousand
    18  dollars per taxable year, he or she earns following graduation from  any
    19  college or university having attained a two-year degree.
    20    §  3. This act shall take effect immediately, and shall apply to taxa-
    21  ble years beginning the first of January following the effective date of
    22  this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03452-01-1