New York A 9207: Enacts Retain-NY by implementing tuition tax credits and increasing the amount of an allowable deduction

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 Speaker Carl E. Heastie

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A09207 Summary:

BILL NOA09207 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBarclay (MS)

&nbsp

COSPNSRPalmesano, Hawley, Brabenec, DiPietro, Smith, Mikulin, Walsh, Manktelow, Miller, Jensen, Gallahan,
 Lemondes, DeStefano, Simpson

&nbsp

MLTSPNSRBlankenbush, Brown K, Friend

&nbsp

Amd §§606 & 612, Tax L

&nbsp

Relates to a tuition tax credit; increases the amount of an allowable deduction (Part A); reduces income by the amount of interest paid for student loans (Part B).

Go to top A09207 Actions:

BILL NOA09207 

&nbsp

11/03/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA09207 Committee&nbspVotes:

Go to topA09207 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA09207 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9207

 2025-2026 Regular Sessions

 IN ASSEMBLY

 November 3, 2025
 ___________

 Introduced by M. of A. BARCLAY, PALMESANO, HAWLEY, BRABENEC, DiPIETRO,
 SMITH, MIKULIN, WALSH, MANKTELOW, MILLER, JENSEN, GALLAHAN, LEMONDES,
 DeSTEFANO, SIMPSON -- Multi-Sponsored by -- M. of A. BLANKENBUSH,
 K. BROWN, FRIEND -- read once and referred to the Committee on Ways
 and Means

 AN ACT to amend the tax law, in relation to a tuition tax credit and
 increasing the amount of an allowable deduction (Part A); and to amend
 the tax law, in relation to reducing income by the amount of interest
 paid for student loans (Part B)

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. This act enacts into law components of legislation relating
 2 to Retain-NY. Each component is wholly contained within a Part identi-
 3 fied as Parts A through B. The effective date for each particular
 4 provision contained within such Part is set forth in the last section of
 5 such Part. Any provision in any section contained within a Part, includ-
 6 ing the effective date of the Part, which makes reference to a section
 7 "of this act", when used in connection with that particular component,
 8 shall be deemed to mean and refer to the corresponding section of the
 9 Part in which it is found. Section three of this act sets forth the
 10 general effective date of this act.

 11 PART A

 12 Section 1. Subparagraph (A) of paragraph 2 of subsection (t) of
 13 section 606 of the tax law, as amended by section 1 of part N of chapter
 14 85 of the laws of 2002, is amended to read as follows:
 15 (A) The term "allowable college tuition expenses" shall mean the
 16 amount of qualified college tuition expenses of eligible students paid
 17 by the taxpayer during the taxable year[,]. The amount of qualified
 18 college tuition expenses shall be limited [to] as follows: for taxable

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02341-01-5

 A. 9207 2

 1 years beginning after two thousand and before two thousand twenty-five,
 2 ten thousand dollars for each such student, for taxable years beginning
 3 in or after two thousand twenty-five, fifteen thousand dollars for each
 4 such student;
 5 § 2. Paragraph 4 of subsection (t) of section 606 of the tax law, as
 6 added by section 1 of part DD of chapter 63 of the laws of 2000, is
 7 amended to read as follows:
 8 (4) Amount of credit. [If allowable college tuition expenses are less
 9 than five thousand dollars, the amount of the credit provided under this
 10 subsection shall be equal to the applicable percentage of the lesser of
 11 allowable college tuition expenses or two hundred dollars. If allowable
 12 college tuition expenses are five thousand dollars or more, the amount
 13 of the credit provided under this subsection shall be equal to the
 14 applicable percentage of the allowable college tuition expenses multi-
 15 plied by four percent.] The amount of the credit shall be determined in
 16 accordance with the following schedules:
 17 (A) For taxable years beginning after two thousand and before two
 18 thousand twenty-five:
 19 If allowable college tuition
 20 expenses are: The tax credit is equal to:
 21 Less than five thousand dollars the applicable percentage of the
 22 lesser of allowable college
 23 tuition expenses or two hundred
 24 dollars
 25 Five thousand dollars or m