Bill > A05934

This bill establishes a new personal income tax credit for New York state residents who have themselves or their dependents enrolled full-time in an undergraduate college. The tax credit would cover expenses related to new and used required textbooks and laptop computers, with a maximum credit of $1,000. The credit is refundable, meaning that if the credit amount exceeds the taxpayer's tax liability for the year, the excess will be refunded without interest. The term "dependents" is defined according to the United States Internal Revenue Code, which typically includes children, stepchildren, foster children, or other relatives who meet specific income and support criteria. This tax credit aims to help offset the educational expenses faced by college students and their families by providing a financial benefit that can help reduce the overall cost of higher education.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5934