Bill Text: NY S01976 | 2015-2016 | General Assembly | Amended

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Bill Title: Establishes the "education investment incentives act" and tax credit; provides credits against income and corporate franchise tax for various qualified education investments including scholarships, education funds and home-based instructional materials.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2016-01-11 - referred to ways and means [S01976 Detail]

Download: New_York-2015-S01976-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1976--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    January 16, 2015
                                       ___________
        Introduced  by  Sens.  GOLDEN,  FELDER, ADDABBO, AVELLA, BONACIC, BOYLE,
          CROCI, DIAZ, FLANAGAN, FUNKE,  GALLIVAN,  HAMILTON,  HASSELL-THOMPSON,
          KLEIN,  LANZA, LARKIN, LATIMER, MARCHIONE, MARTINS, SAVINO, VALESKY --
          read twice and ordered printed, and when printed to  be  committed  to
          the  Committee  on  Rules  -- recommitted to the Committee on Rules in
          accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
        AN ACT to amend the tax law and the education law, in relation to enact-
          ing the "education investment incentives act"
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Short  title. This act shall be known and may be cited as
     2  the "education investment incentives act".
     3    § 2.  The tax law is amended by adding a new section  42  to  read  as
     4  follows:
     5    §  42.  Education  investment  tax  credit.   (a) Definitions. For the
     6  purposes of this section, the following terms shall have the same  defi-
     7  nition as provided for in article twenty-five of the education law:
     8    "Authorized contribution";
     9    "Contribution";
    10    "Educational program";
    11    "Educational scholarship organization";
    12    "Eligible pupil";
    13    "Local education fund";
    14    "Nonpublic school";
    15    "Public education entity";
    16    "Public school";
    17    "Qualified contribution";
    18    "Qualified educator";
    19    "Qualified school";
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07927-05-6