BILL NUMBER: S7214
SPONSOR: LANZA
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing the college
preparation tax credit act
 
PURPOSE:
To help families meet the costs of college preparation by allowing them
to qualify for a tax credit of up to five hundred dollars per child
 
SUMMARY OF PROVISIONS:
Section I titles the bill.
Section II. amends section 606 of the tax law by adding a new subsection
(ccc) which allows a resident taxpayer a credit of up to five hundred
dollars per child for qualified college preparation expenses paid or
incurred by the taxpayer during a taxable year.
Section III sets forth the effective date.
 
JUSTIFICATION:
College affordability is an issue that working and middle class families
continue to struggle with as the expenses for college preparation
continue to skyrocket. The costs incurred during the application process
often become a financial burden for families who cannot afford to pay
for admission tests such as the SAT and the ACT and the preparation
courses offered for such tests.
This bill would provide these families with the option to qualify for a
tax credit of up to five hundred dollars per child for college prepara-
tion expenses paid or incurred during a taxable year. The term "quali-
fied" would apply to the fees required to take the SAT, the ACT, SAT
subject tests, Advanced Placement (AP) tests, preparation classes, and
admission applications. With tuition costs rising, it is important to
provide these families with some form of financial relief as they work
to ensure the academic success of their children.
 
LEGISLATIVE HISTORY:
2024: S.5999 - Referred to Investigations
2023: S.5999 - Referred to Investigations
2022: S.4288 - Referred to Investigations
2021: S.4288 - Referred to Investigations
2020: S.794 - Referred to Investigations/A.2062-Referred to Ways & Means
2019: S.794 - Referred to Investigations/A.2062-Referred to Ways & Means
2018: S.3535 - Referred to Investigations/A.1235-Referred to Ways &
Means
2017: S.3535 - Referred to Investigations/A.1235-Referred to Ways &
Means
2016: S.3312 - Finance / A.170 - Referred to Ways & Means
2015: S.3312 - Referred toInvestigations/A.170- Referred to Ways & Means
 
FISCAL IMPACT ON THE STATE:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S7214: 606 tax law