Relates to the college tuition credit

◆ The sponsor's argument

Why Andrew Gounardes says this is needed

Currently, this tax credit subsidizes four percent of tuition, for a max of $10,000 per student, paid by New York residents on behalf of them- selves, spouses, or dependents to attend qualifying in-state or out-of- state institutions of higher education (IHE). Alternatively, PIT filers choosing to itemize may take the credit as an itemized deduction instead. New York makes this credit or deduction available for any accredited college, including schools in New York charging more than $70,000 a year in tuition, no matter how much money the filer earns, and regardless of whether or not the IHE is located in New York State. While a tax expenditure to make college more affordable is certainly a worthy reform, the fact that this credit/deduction is not means-tested means that we are footing the bill for the first $10,000 of tuition for billionaire filers who can well afford it. A means-tested approach to this subsidy would ensure that it targets families most in need while providing the state room to invest in higher education programs and initiatives that benefit all filers.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.