What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
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 Hiram Monserrate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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
Increases to $10,000 the contribution that a individual taxpayer, and $20,000 for those filing jointly, may make to family tuition accounts for each child during a taxable year.
Summary of provisions
Contributions made by an account owner under the New York State college choice tuition savings program should be deductible for federal income tax purposes. However, individual or the head of household shall not exceed ten thousand dollars for the account(s) of each beneficiary, or twenty thousand dollars for those filing jointly.
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.
Legislative history
This is a new bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.