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Who cares
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Sponsors
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- Referred to investigations and government operations
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 contributions to family tuition accounts
Purpose
To increase tax free contributions to family tuition accounts.
Summary of provisions
Section 1. Amends tax law section 612(c)(32) to provide that an account owner who is an individual or head of household can now make a contribution that shall not exceed $10,000 instead of $5,000 and married couples who file joint tax returns can contribute $20,000 instead of $10,000 to New York State college choice tuition savings accounts.
Section 2. Sets for the effective date.
Justification
Planning for the future is one of the most important things any household can do in regard to saving for college expenses. By allowing double the current contribution through New York State college savings accounts, it allows all families to plan better and contribute more in advance of the eventual goal to send their child to college.
As always, it is vital that New York State contribute as many tools to families as possible in regard to saving and planning for higher education. The expansion of contribution limits to these college savings accounts would help families across New York State.
Legislative history
New bill.
Fiscal implications
EFFECTIVE DATE : Immediately and shall apply to taxable years beginning on and after January 1, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.