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