New York S 5993: Relates to a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee

Bill Text

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S05993 Summary:

BILL NOS05993 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBASKIN

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§210-B, 606 & 1511, Tax L

&nbsp

Creates a tax credit for employers who contribute to a college choice tuition savings account on behalf of an employee.

Go to top S05993 Actions:

BILL NOS05993 

&nbsp

03/04/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05993 Committee&nbspVotes:

Go to topS05993 Floor&nbspVotes:

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

Go to topS05993 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5993

 2025-2026 Regular Sessions

 IN SENATE

 March 4, 2025
 ___________

 Introduced by Sen. BASKIN -- 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 creating a tax credit for
 employers who contribute to a college choice tuition savings account
 on behalf of an employee

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

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 61 to read as follows:
 3 61. Employer college choice tuition savings contribution credit. (a)
 4 Allowance of credit. A taxpayer shall be allowed a credit, to be
 5 computed as provided in paragraph (b) of this subdivision, against the
 6 tax imposed by this article, if it provides a contribution, on behalf of
 7 an employee, to a family tuition account established under article four-
 8 teen-A of the education law by such employee.
 9 (b) Amount of credit. The credit allowed pursuant to paragraph (a) of
 10 this subdivision shall be in an amount equal to the taxpayer's payment,
 11 on behalf of an employee, to a family tuition account established under
 12 article fourteen-A of the education law by such employee. Provided,
 13 however, that no such credit allowed under this subdivision shall exceed
 14 five thousand dollars per employee.
 15 (c) Application of credit. The credit allowed under this subdivision
 16 for any taxable year shall not reduce the tax due for such year to less
 17 than the amount prescribed in paragraph (d) of subdivision one of
 18 section two hundred ten of this article. If, however, the amount of
 19 credits allowed under this subdivision for any taxable year reduces the
 20 tax to such amount, any amount of credit thus not deductible in such
 21 taxable year shall be treated as an overpayment of tax to be credited or
 22 refunded in accordance with the provisions of section one thousand
 23 eighty-six of this chapter. Provided, however, the provisions of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09571-01-5

 S. 5993 2

 1 subsection (c) of section one thousand eighty-eight of this chapter
 2 notwithstanding, no interest shall be paid thereon.
 3 (d) Credit recapture. For provisions requiring recapture of credit,
 4 see section forty-four of this chapter.
 5 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 6 of the tax law is amended by adding a new clause (lii) to read as
 7 follows:
 8 (lii) Employer college Amount of credit
 9 choice tuition savings under subdivision
 10 contribution credit under sixty-one of section
 11 subsection (qqq) two hundred ten-B
 12 § 3. Section 606 of the tax law is amended by adding a new subsection
 13 (qqq) to read as follows:
 14 (qqq) Employer college choice tuition savings contribution credit.
 15 (1) Allowance of credit. A taxpayer shall be allowed a credit, to be
 16 computed as provided in paragraph two of this subsection, against the
 17 tax imposed by this article, if it provides for a contribution, on
 18 behalf of an employee, to a family tuition account established under
 19 article fourteen-A of the education law by such employee.
 20 (2) Amount of credit. The credit allowed pursuant to paragraph one of
 21 this subsection shall be in an amount equal to the taxpayer's contrib-
 22 ution, on behalf of an employee, to a family tuition account established
 23 under article fourteen-A of the education law by such employee.
 24 Provided, however, that no such credit allowed under this su