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