Bill > S09513

This bill establishes a new school supplies education credit for resident taxpayers in New York State who are responsible for a child under nineteen years old enrolled in elementary or secondary education, whether in public, nonpublic, charter schools, or through home instruction. The credit will be equal to the cost of learning materials and school supplies purchased for educational purposes, with a limit of $500 per student and a maximum of $1,500 per family. "Learning materials" are broadly defined to include items like textbooks, workbooks, and educational software, while "school supplies" encompass a range of items from writing utensils and notebooks to calculators and musical instrument rentals. If the credit exceeds the taxpayer's tax liability for the year, the excess will be refunded without interest. For married couples filing separately, the credit can be split or applied by one spouse. This provision will take effect immediately and apply to taxable years beginning on or after January 1, 2027.