Bill Text: NY A10209 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides that the payment of interest on an education loan and Roth IRA deposits shall be qualified withdrawals under the New York state college choice tuition savings program.

Spectrum: Slight Partisan Bill (Democrat 10-6)

Status: (Engrossed) 2024-06-05 - RETURNED TO ASSEMBLY [A10209 Detail]

Download: New_York-2023-A10209-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10209

                   IN ASSEMBLY

                                      May 13, 2024
                                       ___________

        Introduced by COMMITTEE ON RULES -- (at request of M. of A. McDonald) --
          (at request of the State Comptroller) -- read once and referred to the
          Committee on Higher Education

        AN  ACT  to  amend  the education law, in relation to the New York state
          college choice tuition savings program

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subdivision  9  of section 695-b of the education law, as
     2  amended by chapter 535 of the laws  of  2000,  is  amended  to  read  as
     3  follows:
     4    9. "Qualified withdrawal" shall mean a withdrawal from an account:
     5    a.  to  pay  the qualified higher education expenses of the designated
     6  beneficiary of the account at an eligible educational institution;
     7    b. to pay principal and interest on any qualified  education  loan  as
     8  provided  for in section 529(c)(9) of the Internal Revenue Code of 1986,
     9  as amended; and
    10    c. to make a rollover to  a  Roth  Individual  Retirement  Account  as
    11  provided  for  in  section  529(c)(3)(E) of the Internal Revenue Code of
    12  1986, as amended.
    13    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14892-02-4