Bill Text: NY S04962 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the amounts of contributions that may be made tax free to family tuition accounts.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S04962 Detail]

Download: New_York-2023-S04962-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4962

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 17, 2023
                                       ___________

        Introduced  by  Sen. JACKSON -- 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  contributions  to  family
          tuition accounts

          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 shall  not  exceed  [five]  ten
    10  thousand dollars for an individual or head of household, and for married
    11  couples  who file joint tax returns, shall not exceed [ten] twenty thou-
    12  sand dollars; provided, further, that such exclusion shall be  available
    13  only to the account owner and not to any other person.
    14    §  2.  This  act shall take effect immediately, and shall apply to the
    15  taxable year in which it takes effect and taxable years commencing on or
    16  after such date.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07349-01-3