BILL NUMBER: S9494
SPONSOR: CHAN
TITLE OF BILL:
An act to amend the tax law, in relation to directing the commissioner
of taxation and finance to help entities elect to participate in the
federal tax credit for elementary and secondary scholarships
PURPOSE:
To elect participation by the State of New York in the federal Educa-
tional Choice for Children Act of 2025 and publish on the US Department
of Treasury website, a list of all scholarship granting organizations
Located in the state of New York that meet the requirements of 26 USC
section 25F.
SUMMARY OF PROVISIONS:
Section 1 is intended to elect participation by the State of New York in
the federal Educational Choice for Children Act of 2025.
Section 2 adds a new subdivision (twenty-ninth) to Section 171 of the
tax taw that requires the commissioner to annually submit to the United
States secretary of the treasury, and to publish on the departments
website, a list of all scholarship granting organizations located in the
state of New York that meet the requirements of 26 USC section 25F and
any regulations or applicable guidance issued by the United States
secretary of the treasury to ensure eligibility to participate beginning
in the taxable years after December thirty-first, two thousand twenty-
six.
Section 3 provides that the act shall take effect immediately.
JUSTIFICATION:
This proposed legislation would enable the State of New York to partic-
ipate in the federal Educational Choice for Children Act of 2025, there-
by ensuring that New York students are not excluded from scholarship
opportunities available to students from other states and ensures trans-
parency and public awareness of the program. æThis measure will expand
educational opportunities for families, support scholarship organiza-
tions in the state, and encourage philanthropic contributions white
complying with federal requirements.
LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATIONS:
None.
EFFECTIVE DATE:
This act shall take effect immediately.
Statutes affected: S9494: 171 tax law