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- Referred to ways and means
Companion bill
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Increases to $10,000 the contribution that a resident taxpayer may make to family tuition accounts for each child during a taxable year
In Senate Committee · Investigations And Government Operations · Sponsor José Peralta
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10328
Title of bill
An act to amend the tax law, in relation to increasing the authorized resident taxpayer contribution to family tuition accounts to $10,000 per taxable year for each beneficiary thereof
Purpose or general idea of bill
Increases to $10,000 the contribution that a resident taxpayer may make to family tuition accounts for each child during a taxable year.
Summary of specific provisions
Contributions made by an account owner under the New York State college choice tuition savings program should not be deductible for federal income tax purposes. However, individual or the head of household shall not exceed five ten thousand dollars for the account(s) of each beneficiary.
Justification
This legislation allows parents to save tax-free money for each child attending college. This allows the quality of life to improve for both parents and students. Parents have the opportunity to enroll multiple children in college, while the opportunity for students to have better lives and compete for better jobs increases.
Prior legislative history
2007-2008 - A10222 03/10/0B - Referred to Ways and Means
Fiscal implications
To be determined
Effective date
This act shall take effect January 1, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.