Bill Text: NY A08396 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 8396 (Prior Session Legislation)

Introduced

Bill Title: Increases the contribution that a resident taxpayer may make to family tuition accounts for each beneficiary thereof during a taxable year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A08396 Detail]

Download: New_York-2011-A08396-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8396
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 15, 2011
                                      ___________
       Introduced  by  M. of A. MOYA -- read once and referred to the Committee
         on Ways and Means
       AN ACT to amend the tax law, in relation to  increasing  the  authorized
         resident  taxpayer  contribution to family tuition accounts to $10,000
         per taxable year for each beneficiary thereof
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph  32 of subsection (c) of section 612 of the tax
    2  law, as amended by chapter 81 of the laws of 2008, is amended to read as
    3  follows:
    4    (32) Contributions made during the taxable year by an account owner to
    5  one or more family tuition accounts established under the New York state
    6  college choice tuition savings program provided for under article  four-
    7  teen-A  of  the  education law, to the extent not deductible or eligible
    8  for credit for federal  income  tax  purposes,  provided,  however,  the
    9  exclusion  provided  for in this paragraph; FOR AN INDIVIDUAL OR HEAD OF
   10  HOUSEHOLD, shall not exceed [five] TEN thousand dollars [for an individ-
   11  ual or head of household] FOR THE ACCOUNT OR ACCOUNTS OF EACH DESIGNATED
   12  BENEFICIARY, AS DEFINED IN SECTION  SIX  HUNDRED  NINETY-FIVE-B  OF  THE
   13  EDUCATION LAW, and for married couples who file joint tax returns, shall
   14  not  exceed [ten] TWENTY thousand dollars FOR THE ACCOUNT OR ACCOUNTS OF
   15  EACH  DESIGNATED  BENEFICIARY,  AS  DEFINED  IN  SECTION   SIX   HUNDRED
   16  NINETY-FIVE-B  OF THE EDUCATION LAW; provided, further, that such exclu-
   17  sion shall be available only to the account owner and not to  any  other
   18  person.
   19    S  2. This act shall take effect on the first of January next succeed-
   20  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03297-01-1