Bill Text: NY S06664 | 2009-2010 | General Assembly | Introduced
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) 2010-04-07 - RECOMMIT, ENACTING CLAUSE STRICKEN [S06664 Detail]
Download: New_York-2009-S06664-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6664 I N S E N A T E January 25, 2010 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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 16 NINETY-FIVE-B OF THE EDUCATION LAW; provided, further, that such exclu- 17 sion shall be available only to the account owner and not to any other 18 person. 19 S 2. This act shall take effect January 1, 2011. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00040-07-0