New York S 7906: Authorizes school districts to establish extraordinary needs reserve fund

Bill Text

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S07906 Summary:

BILL NOS07906 

&nbsp

SAME ASNo Same As

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SPONSORGOUNARDES

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Amends the college tuition credit; eliminates the credit for taxpayers whose adjusted gross income is over $15,000,000; sets a sliding scale.

Go to top S07906 Actions:

BILL NOS07906 

&nbsp

05/13/2025REFERRED TO BUDGET AND REVENUE

05/28/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS07906 Committee&nbspVotes:

Go to topS07906 Floor&nbspVotes:

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

Go to topS07906 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7906

 2025-2026 Regular Sessions

 IN SENATE

 May 13, 2025
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to the college tuition 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. Paragraph 4 of subsection (t) of section 606 of the tax
 2 law, as added by section 1 of part DD of chapter 63 of the laws of 2000,
 3 is amended to read as follows:
 4 (4) Amount of credit. If allowable college tuition expenses are less
 5 than five thousand dollars, the amount of the credit provided under this
 6 subsection shall be equal to the applicable percentage of the lesser of
 7 allowable college tuition expenses or two hundred dollars. If allowable
 8 college tuition expenses are five thousand dollars or more, the amount
 9 of the credit provided under this subsection shall be equal to the
 10 applicable percentage of the allowable college tuition expenses multi-
 11 plied by four percent. Such applicable percentage shall be [twenty-five
 12 percent for taxable years beginning in two thousand one, fifty percent
 13 for taxable years beginning in two thousand two, seventy-five percent
 14 for taxable years beginning in two thousand three and one hundred
 15 percent for taxable years beginning after two thousand three] computed
 16 in the following manner:
 17 For unmarried individuals, a head of a household, or a married indi-
 18 vidual filing a separate return:
 19 If New York adjusted gross The applicable percentage is:
 20 income is:
 21 Not over $1,000,000 100%
 22 Over $1,000,000 but not over $5,000,000 50%
 23 Over $5,000,000 but not over $10,000,000 25%
 24 Over $10,000,000 0%.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11075-03-5

 S. 7906 2

 1 For married individuals who make a single return jointly or surviving
 2 spouses:
 3 If New York adjusted gross The applicable percentage is:
 4 income is:
 5 Not over $1,500,000 100%
 6 Over $1,500,000 but not over $7,500,000 50%
 7 Over $7,500,000 but not over $15,000,000 25%
 8 Over $15,000,000 0%.
 9 § 2. This act shall take effect on the first of January next succeed-
 10 ing the date on which it shall have become a law and shall apply to
 11 taxable years beginning on or after such date.

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