New York S 231: Exempts from state income taxation the first $250,000 earned by four-year college graduates or the first $150,000 earned by two-year graduates

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S00231 Summary:

BILL NOS00231 

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SAME ASNo Same As

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SPONSORTEDISCO

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COSPNSR

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MLTSPNSR

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Amd §605, Tax L

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Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.

Go to top S00231 Actions:

BILL NOS00231 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS00231 Committee&nbspVotes:

Go to topS00231 Floor&nbspVotes:

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

Go to topS00231 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 231

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. TEDISCO -- 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 enacting the graduate
 outreach assistance law to exempt from state income taxation the first
 two hundred fifty thousand dollars earned by a college graduate

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

 1 Section 1. This act shall be known and may be cited as the "graduate
 2 outreach assistance law".
 3 § 2. Paragraph 3 of subsection (a) of section 605 of the tax law, as
 4 added by chapter 28 of the laws of 1987, is amended to read as follows:
 5 (3) Accounting methods. (A) A taxpayer's method of accounting under
 6 this article shall be the same as [his] the taxpayer's method of
 7 accounting for federal income tax purposes, with the exception of the
 8 provisions of subparagraph (B) of this paragraph. In the absence of any
 9 method of accounting for federal income tax purposes, New York taxable
 10 income shall be computed under such method as in the opinion of the tax
 11 commission clearly reflects income.
 12 (B) For the purpose of computing New York taxable income, a taxpayer
 13 shall not be required to include in such computation the first two
 14 hundred fifty thousand dollars, with a cap of fifty thousand dollars per
 15 taxable year, the taxpayer earns following graduation from any college
 16 or university having attained a four-year degree or higher, or the first
 17 one hundred fifty thousand dollars, with a cap of twenty-five thousand
 18 dollars per taxable year, the taxpayer earns following graduation from
 19 any college or university having attained a two-year degree.
 20 § 3. This act shall take effect immediately, and shall apply to taxa-
 21 ble years beginning the first of January following the effective date of
 22 this act.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00882-01-5

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