NY S07906

Replaces the flat 100% college tuition tax credit with an income-based sliding scale that reduces the credit percentage as income increases

Unmarried individuals, heads of household, and those filing separately receive 100% credit if income is $1 million or less, 50% for income between $1-5 million, 25% for income between $5-10 million, and 0% for income over $10 million

Married couples filing jointly or surviving spouses receive 100% credit if income is $1.5 million or less, 50% for income between $1.5-7.5 million, 25% for income between $7.5-15 million, and 0% for income over $15 million

Completely eliminates the college tuition tax credit for taxpayers with adjusted gross income exceeding $10 million (single filers) or $15 million (joint filers)

Takes effect January 1st following enactment and applies to taxable years beginning on or after that date