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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5934
SPONSOR: Fitzpatrick (MS) TITLE OF BILL:
An act to amend the tax law, in relation to establishing a college
student expense personal income tax credit
PURPOSE OR GENERAL IDEA OF BILL:
To provide full-time undergraduate New York residents a refundable
personal income tax credit worth up to $1,000 for college expenses that
include new and used required textbooks and laptop computers.
SUMMARY OF PROVISIONS:
Section 1 adds a new subsection (qqq) to section 606 of the tax law
which provides New York State residents with a College Student Expense
refundable personal income tax credit worth up to $1,000 for college
expenses that include new and used required textbooks and laptop comput-
ers.
Section 2 makes this act effective immediately.
JUSTIFICATION:
High college costs are a concern for both students and parents alike,
and are a burden made worse by New York State's high taxes. A tax credit
that helps lower this cost encourages families to stay in New York State
while being a platform for them to envision various ways to afford
college. Higher education for today's youth is important for the future
vitality and strength of the New York State economy and solid family
life.
PRIOR LEGISLATIVE HISTORY:
2024 - A6005 - Referred to Ways and Means
2022 - A5669 - Referred to Ways and Means
2020 - A5862 - Held in Ways and Means
2018 - A7325 - Held in Ways and Means
2016 - A2976 - Held in Ways and Means
2014 - A3318 - Held in Ways and Means
2008 - A9595 - Held in Ways and Means
2009 - A2794 - Held in Ways and Means
2010 - A2795 - Held in Ways and Means
2012 - A2578 - Died in Ways and Means
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
5934
2025-2026 Regular Sessions
IN ASSEMBLY
February 25, 2025
___________
Introduced by M. of A. FITZPATRICK, GIGLIO -- Multi-Sponsored by -- M.
of A. MANKTELOW -- 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:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (qqq) to read as follows:
3 (qqq) College student expense. (1) General. A taxpayer shall be
4 allowed a credit against the tax imposed by this article, where the
5 taxpayer is a New York state resident and such taxpayer, or such taxpay-
6 er's dependents, are enrolled full-time in an undergraduate college.
7 (2) Amount of credit. The amount of the credit authorized by this
8 subsection shall be the taxpayer's expenses for new and used required
9 textbooks and laptop computers, in an amount not to exceed one thousand
10 dollars.
11 (3) Refundability. If the amount of the credit allowed under this
12 subsection for any taxable year shall exceed the taxpayer's tax for such
13 year, the excess shall be treated as an overpayment of tax to be
14 refunded in accordance with the provisions of section six hundred eight-
15 y-six of this article, provided, however, that no interest shall be paid
16 thereon.
17 (4) Definition. "Dependents" shall have the same meaning as defined in
18 section one hundred fifty-two of the United States Internal Revenue
19 Code.
20 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08983-01-5
