Bill S6403-2011

Provides taxpayers with modification reducing federal adjusted gross income for tuition paid at any higher education institution

Provides taxpayers with a modification reducing federal adjusted gross income for tuition paid at any higher education institution.

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  • Feb 6, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S6403

TITLE OF BILL: An act to amend the tax law, in relation to providing personal income taxpayers with a modification reducing federal adjusted gross income for tuition paid at any institution of higher education

SUMMARY OF PROVISIONS: Subsection (c) of section 612 of the tax law is amended to allow for up to three thousand dollars of the amount paid for tuition at any institution of higher education within New York State provided that the expense is for the taxpayer or for the taxpayer or for a dependent of the taxpayer.

JUSTIFICATION: It is well known that the key to the future of our state lies in the education of our young men and women. While it has always been the mission of our institutions of higher education to assist in the undergraduate population, recent budgetary cutbacks have severely curtailed the educational opportunity for many. In his proposed 1997-98 State Budget, Governor Pataki projected an increase in tuition of $400 and cut the Tuition Assistance Program by $175 million. This comes in a time when our student population needs to be better educated, better trained and better prepared for the workforce.

No longer can we, as state officials, expect to have a future tax base when the educational tools are no longer available to our students. In order to remedy this continual budgetary onslaught on institutions of higher education, we must provide a monetary "rebate" to ensure that our student population has the best chance to receive a quality education and to become better equipped to contribute to the continual rebirth of the Empire State.

In order to achieve this goal, I have proposed to offer a tax deduction of up to three thousand dollars of the amount paid for tuition at any institution of higher education within New York State, provided that the expense is for the taxpayer or a dependent of the taxpayer. The tax credit will assist those families most in need due to the drastic cuts by Governor Pataki.

LEGISLATIVE HISTORY: 2012: S.1900 (Kruger)

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6403 IN SENATE February 6, 2012 ___________
Introduced by Sen. RIVERA -- 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 personal income taxpayers with a modification reducing federal adjusted gross income for tuition paid at any institution of higher education THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 39 to read as follows: (39) FOR TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOU- SAND TWELVE, THE AMOUNT PAID BY A TAXPAYER WITH A NEW YORK TAXABLE INCOME BEFORE THE APPLICATION OF THIS PARAGRAPH OF LESS THAN ONE HUNDRED THOUSAND DOLLARS, FOR TUITION AT ANY INSTITUTION OF HIGHER EDUCATION WITHIN THE STATE PROVIDED SUCH EXPENSE IS FOR TUITION OF THE TAXPAYER OR A DEPENDENT OF THE TAXPAYER AND PROVIDED, HOWEVER, THAT THE HEREIN AUTHORIZED AMOUNT OF THE DEDUCTION SHALL NOT EXCEED THREE THOUSAND DOLLARS MULTIPLIED BY THE NUMBER OF PERSONS FOR WHOM SUCH TUITION IS PAID. S 2. This act shall take effect immediately.

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