Assembly Bill A7325

2017-2018 Legislative Session

Establishes a college student expense personal income tax credit

download bill text pdf

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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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2017-A7325 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2794
2011-2012: A2578
2013-2014: A3318
2015-2016: A2976
2019-2020: A5862
2021-2022: A5669
2023-2024: A6005

2017-A7325 (ACTIVE) - Summary

Establishes a college student expense personal income tax credit for a taxpayer or his or her dependents who are enrolled full-time in an undergraduate college, equal to the amount paid for new and used required textbooks and laptop computers not to exceed one thousand dollars.

2017-A7325 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7325
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2017
                                ___________
 
 Introduced  by M. of A. FITZPATRICK, MONTESANO -- read once and referred
   to the Committee on Ways and Means
 
 AN ACT to amend the tax law,  in  relation  to  establishing  a  college
   student expense personal income tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (ccc) to read as follows:
   (CCC)  COLLEGE  STUDENT  EXPENSE.  (1)  GENERAL.  A  TAXPAYER SHALL BE
 ALLOWED A CREDIT AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE,  WHERE  THE
 TAXPAYER  IS  A  NEW  YORK  STATE  RESIDENT AND HE OR SHE, OR HIS OR HER
 DEPENDENTS, ARE ENROLLED FULL-TIME IN AN UNDERGRADUATE COLLEGE.
   (2) AMOUNT OF CREDIT. THE AMOUNT OF  THE  CREDIT  AUTHORIZED  BY  THIS
 SUBSECTION  SHALL  BE  THE TAXPAYER'S EXPENSES FOR NEW AND USED REQUIRED
 TEXTBOOKS AND LAPTOP COMPUTERS, IN AN AMOUNT NOT TO EXCEED ONE  THOUSAND
 DOLLARS.
   (3)  REFUNDABILITY.  IF  THE  AMOUNT  OF THE CREDIT ALLOWED UNDER THIS
 SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS SHALL BE  TREATED  AS  AN  OVERPAYMENT  OF  TAX  TO  BE
 REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHT-
 Y-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID
 THEREON.
   (4) DEFINITION. "DEPENDENTS" SHALL HAVE THE SAME MEANING AS DEFINED IN
 SECTION  ONE  HUNDRED  FIFTY-TWO  OF  THE UNITED STATES INTERNAL REVENUE
 CODE.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11104-01-7

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