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Who cares
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Sponsors
No co-sponsors yet.
History
- Vetoed memo.276
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.342
- Substituted for A9065
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Ordered to third reading cal.1448
- Committee discharged and committed to rules
- Reported and committed to finance
Show 1 earlier action
- 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.
Relates to designated accounts for personal income tax refunds
Assembly Floor Calendar · Sponsor Andrew Hevesi
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 designated accounts for personal income tax refunds
Purpose
To provide a mechanism that would permit New York State tax filers to split their State tax refund between several accounts including the New York State College Savings Program.
Summary of provisions
Section 1 amends subdivision (c) of section 3013 of the tax law, as added by chapter 479 of the laws of 2011 to allow New York State tax filers to direct deposit personal income tax refunds into up to three accounts with financial institutions.
Section 2 is the effective date.
Justification
Currently in New York State individuals who are receiving a personal income tax refund from the State of New York only have the option of receiving this refund by prepaid debit card or direct deposit to a designated account of the taxpayer.
This legislation would allow for personal income tax refunds to be deposited into up to three accounts, including New York State College Savings Program accounts that are held in the names of the taxpayer, the taxpayer's spouse or joint accounts.
Furthermore, New York State has been a leader in enacting key programs and initiatives to address both the costs and the academic supports that are crucial to the future economic security of New York's youth. By increase the number of people going to college New York State can position itself as a global leader in having the best and brightest minds to compete in the global market. To accomplish this, we need ensure that youth, particularly low income youth, have 529 college savings accounts established to help offset the huge financial burden of obtaining a college education. Implementation of this proposal would benefit both students and the State. For Students especially those from low or moderate-income houses, the impact of a dedicated college savings can be significant. Research has shown that having even a small amount of college savings can foster a child's college bond identity and can make the reality of his or her going to college. Recent studies have shown that low and moderate income students entering college with as little as $500 saved are almost 2.5 times more likely to graduate from college those without any savings.
Legislative history
New Bill.
Fiscal implications
None to the State.
Effective date
This act shall take effect on the ninetieth day after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.