Bill Text: NY A09118 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to contributions made to family tuition accounts; provides that a taxpayer may deposit a sum derived from his or her personal income tax refund into college savings accounts.
Spectrum: Slight Partisan Bill (Democrat 35-14)
Status: (Passed) 2016-11-28 - signed chap.454 [A09118 Detail]
Download: New_York-2015-A09118-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9118 IN ASSEMBLY January 28, 2016 ___________ Introduced by M. of A. BUCHWALD, McDONALD, RIVERA, SKOUFIS, MAYER, PAULIN, THIELE, MOSLEY, BRABENEC, GALEF, RAIA, CRESPO, HYNDMAN, RA, SIMON, GRAF, ROZIC, CERETTO, CROUCH, STIRPE, O'DONNELL, STECK, SEPULVEDA, BLAKE, PICHARDO, RICHARDSON, ZEBROWSKI, CAHILL, MURRAY, PEOPLES-STOKES, JAFFEE, SALADINO, ROBINSON, FAHY, LALOR -- Multi-Spon- sored by -- M. of A. BARCLAY, BLANKENBUSH, CYMBROWITZ, JOYNER, MAGEE, McLAUGHLIN, NOLAN, RAMOS, TITONE -- read once and referred to the Committee on Higher Education AN ACT to amend the education law, in relation to authorizing personal tax refunds to be contributed to accounts under the college savings program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 4 of section 695-e of the education law, as 2 amended by chapter 593 of the laws of 2003, is amended to read as 3 follows: 4 4. Contributions to accounts may be made [only] in cash or may be 5 deposited by a taxpayer who has elected to contribute all or a portion 6 of a refund of personal income tax to an account that has been estab- 7 lished under this article. 8 a. Taxpayer contributions shall be made by direct deposit to the 9 designated account. The amount elected to be contributed by the taxpayer 10 must be at least twenty-five dollars and may be applied as a contrib- 11 ution only for the tax year in which the refund is issued. 12 b. The election shall be made on a form prescribed by the department 13 of taxation and finance and filed with the taxpayer's tax return for the 14 tax year or at such other time and in such other manner as the depart- 15 ment may prescribe. The department shall prescribe the maximum number of 16 accounts to which a taxpayer may elect to contribute a portion of the 17 refund. 18 c. The election to contribute all or a portion of a refund shall not 19 be revocable. 20 d. All or a portion of a refund may not be contributed to an account 21 that has been established under this article if the amount of the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13624-04-6