Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 07, 2014 |
print number 4576a |
Mar 07, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations |
Apr 11, 2013 |
referred to investigations and government operations |
Senate Bill S4576A
2013-2014 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
Bill Amendments
2013-S4576 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S4678
2017-2018: S3850
2013-S4576 - Sponsor Memo
BILL NUMBER:S4576 TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for allowable college expenses PURPOSE: To establish the "Stay in New York Tax Credit". SUMMARY OF PROVISIONS: Section 1. Amends section 606 of the tax law to add a new section (u) to establish the stay in New York Tax Credit. The amount of the credit would be equal to 25% of allowable college expenses, capped at $3000. Additionally, this section establishes the criteria required to qualify for the credit. Section 2. Amends the subparagraph (A) of paragraph 2 of subsection (t) of section 606 of the tax law to define the term allowable college tuition expenses. Section 3. Amends paragraph 4 of subsection (t) of section 606 of the tax law to improve New York's current tax credit. Section 4. Amends subsection (t) of section 606 of the tax law to add a new section 4-a to create an inflation adjustment for the credit. Section 5. Sets forth the effective date.
2013-S4576 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4576 2013-2014 Regular Sessions I N S E N A T E April 11, 2013 ___________ Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to providing a tax credit for allowable college expenses 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 (u) to read as follows: (U) STAY IN NEW YORK CREDIT. (1) GENERAL. (A) A RESIDENT TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR ALLOWABLE COLLEGE EXPENSES. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO TWENTY-FIVE PERCENT OF ALLOWABLE COLLEGE EXPENSES, CAPPED AT THREE THOU- SAND DOLLARS. THE CREDIT SHALL BE ALLOWED ONLY IN THE FIRST TAXABLE YEAR SUBSEQUENT TO THE TAXPAYER'S COMPLETION OF A COURSE OF STUDY LEADING TO THE GRANTING OF A BACCALAUREATE DEGREE AND IN EACH OF THE NEXT THREE TAXABLE YEARS. (B) IN ORDER TO QUALIFY FOR THE CREDIT, THE ELIGIBLE TAXPAYER SHALL: (I) HAVE COMPLETED THE COURSE OF STUDY LEADING TO THE GRANTING OF A BACCALAUREATE DEGREE FROM AN INSTITUTION OF HIGHER EDUCATION WITHIN FOUR YEARS FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY. PROVIDED, HOWEVER, IF THE ELIGIBLE TAXPAYER WAS EMPLOYED IN EXCESS OF THREE HUNDRED HOURS PER SEMESTER, THE ELIGIBLE TAXPAYER SHALL HAVE COMPLETED THE COURSE OF STUDY LEADING TO THE GRANTING OF A BACCALAUREATE DEGREE WITHIN FIVE YEARS FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY; (II) BE EMPLOYED FULL-TIME WITHIN THE STATE; AND (III) HAVE COMPLETED TWENTY HOURS OF COMMUNITY SERVICE PER SEMESTER OF ENROLLMENT IN AN INSTITUTION OF HIGHER EDUCATION. PROVIDED, HOWEVER, FOR THOSE ELIGIBLE TAXPAYERS WHO HAVE BEEN GRANTED DEGREES WITHIN THREE YEARS OF THE EFFECTIVE DATE OF THIS SUBSECTION, SUCH TAXPAYERS SHALL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09565-01-3
2013-S4576A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S4678
2017-2018: S3850
2013-S4576A (ACTIVE) - Sponsor Memo
BILL NUMBER:S4576A TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for allowable college expenses PURPOSE: To establish the "Stay in New York Tax Credit" SUMMARY OF PROVISIONS: Section 1. Amends section 606 of the tax law to add a new section (u) to establish the stay in New York Tax Credit. The amount of the credit would be equal to 25% of allowable college expenses, capped at $3000. Additionally, this section establishes the criteria required to qualify for the credit. Section 2. Amends the subparagraph (A) of paragraph 2 of subsection (t) of section 606 of the tax law to define the term allowable college tuition expenses. Section 3. Amends paragraph 4 of subsection (t) of section 606 of the tax law to improve New York's current tax credit. Section 4.. Amends subsection (t) of section 606 of the tax law to add a new section 4-a to create an inflation adjustment for the credit. Section 5. Sets forth the effective date.
2013-S4576A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4576--A 2013-2014 Regular Sessions I N S E N A T E April 11, 2013 ___________ Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing a tax credit for allowable college expenses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as relettered by section 5 of part H of chapter 1 of the laws of 2003, are relettered subsections (yyy) and (zzz) and a new subsection (u) is added to read as follows: (U) STAY IN NEW YORK CREDIT. (1) GENERAL. (A) A RESIDENT TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR ALLOWABLE COLLEGE EXPENSES. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO TWENTY-FIVE PERCENT OF ALLOWABLE COLLEGE EXPENSES, CAPPED AT THREE THOU- SAND DOLLARS. THE CREDIT SHALL BE ALLOWED ONLY IN THE FIRST TAXABLE YEAR SUBSEQUENT TO THE TAXPAYER'S COMPLETION OF A COURSE OF STUDY LEADING TO THE GRANTING OF A BACCALAUREATE DEGREE AND IN EACH OF THE NEXT THREE TAXABLE YEARS. (B) IN ORDER TO QUALIFY FOR THE CREDIT, THE ELIGIBLE TAXPAYER SHALL: (I) HAVE COMPLETED THE COURSE OF STUDY LEADING TO THE GRANTING OF A BACCALAUREATE DEGREE FROM AN INSTITUTION OF HIGHER EDUCATION WITHIN FOUR YEARS FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY. PROVIDED, HOWEVER, IF THE ELIGIBLE TAXPAYER WAS EMPLOYED IN EXCESS OF THREE HUNDRED HOURS PER SEMESTER, THE ELIGIBLE TAXPAYER SHALL HAVE COMPLETED THE COURSE OF STUDY LEADING TO THE GRANTING OF A BACCALAUREATE DEGREE WITHIN FIVE YEARS FROM THE COMMENCEMENT OF SUCH COURSE OF STUDY; (II) BE EMPLOYED FULL-TIME WITHIN THE STATE; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09565-02-4
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