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History
- Reported and committed to finance
- Referred to social services
- Reported and committed to finance
- Referred to social services
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.
Exempts certain funds in a qualified tuition program in the calculation of household benefits under public assistance programs
In Assembly Committee · Social Services · Sponsor Michele Titus
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4344
Title of bill
An act to amend the social services law, in relation to exempting certain funds in a qualified tuition program in the calculation of household benefits under public assistance programs
Purpose of bill
This legislation will exempt or disregard funds in a qualified tuition program that satisfies the requirement of section 529 of the Internal Revenue Code of 1986, as amended, from assets limit tests to qualify for public assistance.
Summary of specific provisions
Section 1. Subdivision 1 of section 131-n of the social services law, as amended by chapter 373 of the laws of 2003, paragraph (c) as amended by section 5 of part J of chapter 58 of the laws of 2014, is amended to include the exemption of funds in qualified tuition programs.
Justification
Currently New Yorkers who have more than $2,000 in assets are not eligible to receive public assistance. A few of these assets as listed in New York Social services Law 131-n are excluded; such as refunds from the Earned Income tax credit and individual Development Accounts which aid families in saving money allowing them to work towards greater self-suficiency. Currently 529 accounts which permit families to put aside money and invest in their children's future college educations are not included in these exemptions. Meaning if a family is able to put aside $2,000 to help send their children to college they can no longer receive public assistance, this puts these families at a grave disadvantage. A recent study showed that a mere 9% of students from low-income families obtain a bachelor's degree compared with 54% of students from wealthier families. New York's low-income families need support and assistance s that they may develop college savings for their children. In order to help these families obtain the American dream and aid their children in attending college Social Services Law 131-n desperately needs to be amended to exempt 529 accounts to help these New York families.
Fiscal implications
To be determined.
Legislative history
New Bill
Effective date
This act shall take effect immediately; provided, however,that the amendments to section 131-n of the social services law made by section one of this act shall not affect the expiration of such section and
shall be deemed to expire therewith. This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.