Bill Text: NY A06590 | 2015-2016 | General Assembly | Amended

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Bill Title: Establishes the New York state pre-paid tuition plan by which a person may contribute to an account for the pre-payment of college tuition, tax free.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-19 - print number 6590a [A06590 Detail]

Download: New_York-2015-A06590-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6590--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     March 27, 2015
                                       ___________
        Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
          Committee on Higher Education -- recommitted to the Committee on High-
          er Education in accordance with Assembly Rule 3, sec. 2  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN  ACT  to  amend  the  education law, the state finance law, the civil
          practice law and rules and the tax law, in  relation  to  establishing
          the New York state pre-paid tuition plan
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The education law is amended by adding a new section  355-d
     2  to read as follows:
     3    §  355-d. "New York state pre-paid tuition plan". 1. Definitions.  For
     4  the purposes of this section, the following terms shall have the follow-
     5  ing meanings:
     6    a. "Account" or "pre-paid tuition account" shall  mean  an  individual
     7  pre-paid  tuition  account established in accordance with the provisions
     8  of this section.
     9    b. "Account owner" shall mean a person  who  enters  into  a  pre-paid
    10  tuition  agreement pursuant to the provisions of this article, including
    11  a person who enters into such an agreement as a fiduciary  or  agent  on
    12  behalf  of  a trust, estate, partnership, association, company or corpo-
    13  ration. The account owner may also be the designated beneficiary of  the
    14  account.
    15    c. "City university" shall mean the city university of New York.
    16    d. "Comptroller" shall mean the state comptroller.
    17    e.  "Designated beneficiary" shall mean, with respect to an account or
    18  accounts, the individual designated  as  the  individual  whose  tuition
    19  expenses are expected to be paid from the account or accounts.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03418-03-6