Bill > S07214

This bill creates a new tax credit for New York State residents to help offset college preparation expenses for their children or dependents. The credit allows taxpayers to claim up to $500 per child per year for qualified college preparation expenses, with a limit of three years of claims per individual. Qualified expenses include fees for advanced placement (AP) and international baccalaureate exams, SAT and ACT test fees, costs for test preparation services and classes, college application fees, and other similar expenses as determined by the state tax commissioner. The bill includes specific restrictions: taxpayers cannot claim the credit for more than three years for the same individual, and if another taxpayer (such as a parent) claims a deduction for the individual, the individual cannot claim the credit for that year. The expenses paid by the dependent in such a case would be treated as paid by the other taxpayer. The tax credit aims to provide financial support to families preparing for their children's higher education by helping to cover the often significant costs associated with college preparation and testing.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7214