Assembly Bill A3989

2023-2024 Legislative Session

Increases the personal income tax credit for college tuition expenses

download bill text pdf

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Current Bill Status - Stricken

  • 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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2023-A3989 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9664
2015-2016: A6574
2017-2018: A6237
2019-2020: A5669
2021-2022: A7331

2023-A3989 (ACTIVE) - Summary

Increases the personal income tax credit for college tuition from the first $10,000 to the first $20,000 of college tuition expenses.

2023-A3989 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3989
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2023
                                ___________
 
 Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law,  in  relation  to  increasing  the  college
   tuition personal income tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   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, limited to [ten] TWENTY thou-
 sand dollars for each such student;
   § 2. This act shall take effect immediately, and shall  apply  to  the
 taxable year in which it takes effect and taxable years commencing on or
 after such date.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07792-01-3

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