Bill Text: NY S05010 | 2017-2018 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Establishes the helping open opportunities to learn tax credit for qualified primary and secondary tuition expenses.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05010 Detail]
Download: New_York-2017-S05010-Introduced.html
Bill Title: Establishes the helping open opportunities to learn tax credit for qualified primary and secondary tuition expenses.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05010 Detail]
Download: New_York-2017-S05010-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5010 2017-2018 Regular Sessions IN SENATE March 6, 2017 ___________ Introduced by Sens. GOLDEN, SAVINO, FELDER -- read twice and ordered printed, and when printed to be committed to the Committee on Investi- gations and Government Operations AN ACT to amend the tax law, in relation to establishing the helping open opportunities to learn 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 (hhh) to read as follows: 3 (hhh) Helping open opportunities to learn tax credit. (1) General. A 4 resident low and middle income taxpayer shall be allowed a credit, to be 5 computed as provided in paragraph three of this subsection, against the 6 tax imposed by this article for the qualified primary or secondary 7 education tuition expenses paid by the taxpayer during the taxable year. 8 (2) Definitions. For purposes of this subsection, the following terms 9 shall have the following meanings: 10 (A) "Resident low and middle income taxpayer" shall mean a taxpayer 11 who is a full-year resident of this state and whose federal taxable 12 income is equal to or less than seven hundred twenty percent of the 13 federal poverty guidelines, as promulgated annually by the United States 14 department of health and human services, for the taxable year for which 15 this credit is claimed. 16 (B) "Qualified primary or secondary education tuition expenses" shall 17 mean the tuition required for the enrollment or attendance of an eligi- 18 ble student at a public or nonpublic school. Provided, however, that any 19 tuition payments made for such eligible student pursuant to the receipt 20 of financial aid or one or more scholarships shall be excluded from the 21 definition of the term "qualified primary or secondary education tuition 22 expenses" for such eligible student. 23 (C) "Eligible student" shall mean any dependent of the taxpayer with 24 respect to whom the taxpayer is allowed an exemption under section six EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10291-01-7S. 5010 2 1 hundred sixteen of this article for the taxable year who is enrolled in, 2 and for whom qualified primary and secondary education tuition expenses 3 have been paid for, kindergarten or grade one through twelve in a quali- 4 fied school. 5 (D) "Nonpublic school" means any not-for-profit pre-kindergarten 6 program or elementary, secondary sectarian or nonsectarian school 7 located in this state, other than a public school, that is providing 8 instruction at one or more locations to a student in accordance with 9 subdivision two of section thirty-two hundred four of the education law. 10 (E) "Public school" means any free elementary or secondary school in 11 this state guaranteed by article eleven of the constitution or charter 12 school authorized by article fifty-six of the education law. 13 (3) Amount of credit. The amount of credit that a resident low and 14 middle income taxpayer may claim for the qualified primary or secondary 15 education tuition expenses paid for each eligible student shall equal 16 the lesser of twelve percent of the total per pupil state public school 17 expenditures or fifteen percent of the qualified primary or secondary 18 education tuition expenses paid by the taxpayer during the taxable year 19 for such eligible student. The total state public school expenditures 20 shall equal the school aid, as reported in the state enacted budget 21 financial plan for the taxable year in which the school year began, 22 divided by the total number of students enrolled in kindergarten and 23 grades one through twelve at public schools in this state as published 24 by the department of education for such taxable year. 25 (4) Application of credit. If the amount of the credit allowed under 26 this subsection for any taxable year shall exceed the taxpayer's tax for 27 such year, the excess shall be treated as an overpayment of tax to be 28 credited or refunded in accordance with the provisions of section six 29 hundred eighty-six of this article, provided, however, that no interest 30 shall be paid thereon. 31 (5) Husband and wife. In the case of a husband and wife who file a 32 joint federal return, but who are required to determine their New York 33 taxes separately, the credit allowed pursuant to this subsection may be 34 applied against the tax imposed of either or divided between them as 35 they may elect. 36 § 2. This act shall take effect immediately and shall apply to taxable 37 years beginning after December 31, 2017.