Assembly Bill A10354

2011-2012 Legislative Session

Enacts Retain-NY by implementing tuition tax credits and increasing the amount of an allowable deduction

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A10354 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยงยง606 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A4891
2015-2016: A5196
2017-2018: A4460
2019-2020: A3478
2021-2022: A5881
2023-2024: A5125

2011-A10354 (ACTIVE) - Summary

Enacts Retain-NY by implementing tuition tax credits and increasing the amount of an allowable deduction.

2011-A10354 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10354

                          I N  A S S E M B L Y

                              May 24, 2012
                               ___________

Introduced  by  M. of A. KOLB -- read once and referred to the Committee
  on Ways and Means

AN ACT to amend the tax law, in relation to a  tuition  tax  credit  and
  increasing the amount of an allowable deduction (Part A); and to amend
  the  tax law, in relation to reducing income by the amount of interest
  paid for student loans (Part B)

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act enacts into law components of legislation relating
to  Retain-NY.  Each component is wholly contained within a Part identi-
fied as Parts A through  B.  The  effective  date  for  each  particular
provision contained within such Part is set forth in the last section of
such Part. Any provision in any section contained within a Part, includ-
ing  the  effective date of the Part, which makes reference to a section
"of this act", when used in connection with that  particular  component,
shall  be  deemed  to mean and refer to the corresponding section of the
Part in which it is found. Section three of  this  act  sets  forth  the
general effective date of this act.

                                 PART A

  Section  1.  Subparagraph  (A)  of  paragraph  2  of subsection (t) of
section 606 of the tax law, as amended by section 1 of part N of chapter
85 of the laws of 2002, is amended to read as follows:
  (A) The term "allowable  college  tuition  expenses"  shall  mean  the
amount  of  qualified college tuition expenses of eligible students paid
by the taxpayer during the taxable  year[,].  THE  AMOUNT  OF  QUALIFIED
COLLEGE  TUITION EXPENSES SHALL BE limited [to] AS FOLLOWS:  FOR TAXABLE
YEARS BEGINNING AFTER TWO THOUSAND AND BEFORE TWO THOUSAND  TWELVE,  ten
thousand  dollars  for each such student, FOR TAXABLE YEARS BEGINNING IN
OR AFTER TWO THOUSAND TWELVE, THIRTEEN THOUSAND  EIGHT  HUNDRED  DOLLARS
FOR EACH SUCH STUDENT;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15925-01-2

              

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