Establishes a college student expense personal income tax credit for a taxpayer or such taxpayer's 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.
Summary
This bill would create a new New York State personal income tax credit for resident taxpayers whose own dependents, or the taxpayers themselves, are enrolled full-time in an undergraduate college. The credit would equal the amount paid for required new or used textbooks and laptop computers, up to a maximum of $1,000 per taxable year.
The credit would be refundable, meaning taxpayers could receive the benefit even if the credit exceeds their tax liability. The bill defines dependents by reference to the federal Internal Revenue Code and states that it would take effect immediately upon enactment.
Impact
The bill would amend section 606 of the New York Tax Law by adding a new subsection creating a refundable college student expense credit. It would affect resident personal income taxpayers with full-time undergraduate students in the household, and it would reduce state tax revenues to the extent eligible taxpayers claim the credit for qualifying educational expenses. The measure would also establish a new statutory tax benefit for textbooks and laptop computers used in undergraduate study.
Sentiment
The available voting history suggests the bill received some support but also notable hesitation in committee. In the Assembly Ways and Means Committee, it was held for consideration on a 25-10 vote, indicating that while a majority of members were willing to advance or keep the bill under review, a substantial minority opposed or questioned it. No committee transcript is available, so the broader discussion is not documented in the provided materials.
Contention
The main points of contention likely center on cost and policy design. Supporters would view the credit as targeted relief for college affordability, especially for required educational materials and technology. Opponents or skeptics may question whether the state should subsidize these expenses through the tax code, whether the refundable structure is too costly, and whether the benefit should be limited to undergraduate students and capped at $1,000. The committee vote suggests disagreement over the fiscal impact and the appropriateness of creating a new refundable credit.
Establishes a personal income tax credit for not more than one thousand dollars for certain tolls paid by a taxpayer in the course of commuting on toll roads in the state of New York.
Establishing the education opportunity tax credit to provide an income tax credit for taxpayers with eligible dependent children who are not enrolled in public school.
Establishing the education opportunity tax credit to provide an income tax credit for taxpayers with eligible dependent children who are not enrolled in public school.
Provides a deduction in determining personal income tax for the cost of textbooks at a New York private or public college or university by a taxpayer or such taxpayer's eligible dependent; defines "eligible dependent" and "qualified education expenses".