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NY A06713

Bill

Official Source

Status

Introduced

5/5/2023

Primary Sponsor

Patricia Fahy

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Increases the income threshold for base amount reduction from $10,000 to $30,000 for single students with no dependents who have been granted exclusion of parental income
  • Increases the income threshold for base amount reduction from $40,000 to $60,000 for students with a spouse but no other dependents who have been granted exclusion of parental income
  • Applies the 31% reduction rate to income exceeding $3,000 for single students (up to the new $30,000 threshold)
  • Applies a 12% reduction rate to income exceeding $18,000 for married students (up to the new $60,000 threshold)
  • Takes effect July 1, 2023

Legislative Description

Increases the amount of income eligible for income base reductions in certain tuition assistance program awards for students who have been granted exclusion of parental income and are single with no dependent, or who have a spouse but no other dependent, for income tax purposes.

Last Action

referred to higher education

1/3/2024

Committee Referrals

Higher Education5/5/2023

Full Bill Text

No bill text available