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History
- Committee discharged and committed to rules
- Notice of committee consideration - requested
- Referred to investigations and government operations
- Referred to investigations and government operations
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 Assembly Committee · Ways And Means · Sponsor Francisco Moya
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S602
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 resident taxpayer 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 not be deductible for federal income tax purposes. However, individual or the head of household shall not exceed twenty thousand dollars for the account(s) of each beneficiary.
Justification
This legislation encourages parents to save tax-free tuition money for each child planning to attend college. Affording children the opportunity to attend college without incurring debt upon graduation.
Legislative history
2010: S.7306 2007-2008: A.10222
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.