Bill Text: NY S01011 | 2021-2022 | General Assembly | Introduced

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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) 2021-05-19 - REPORTED AND COMMITTED TO FINANCE [S01011 Detail]

Download: New_York-2021-S01011-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1011

                               2021-2022 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        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  ninety-
    16  five-b  of  the  education  law;  provided, further, that such exclusion
    17  shall be available only to the  account  owner  and  not  to  any  other
    18  person.
    19    §  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.
                                                                   LBD04903-01-1