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