Bill > S07090

This bill establishes the "education affordability act," which creates a comprehensive tax credit system to support education-related investments. Specifically, the bill allows taxpayers to receive tax credits for qualified contributions to public education entities, school improvement organizations, local education funds, and educational scholarship organizations. The tax credit varies based on the taxpayer's income, offering 90% credit for those earning less than $300,000 and 75% credit for those earning $300,000 or more, with an annual cap of $875,000. The bill also introduces new tax credits for home-based instructional materials and teacher supply purchases, and creates a scholarship program for eligible pupils attending qualified schools. The legislation establishes a detailed application and approval process for organizations seeking to participate, including requirements for recordkeeping and reporting. The tax credits are subject to an annual cap that increases over time, starting at $150 million in 2026 and rising to $300 million by 2028. The bill aims to provide financial support for education by incentivizing private contributions to educational programs and institutions, while also offering tax relief to educators and families investing in educational resources.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7090