Bill Text: NY S09701 | 2023-2024 | General Assembly | Introduced
Bill Title: Provides that the payment of interest on an education loan and Roth IRA deposits shall be qualified withdrawals under the New York state college choice tuition savings program.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2024-06-05 - SUBSTITUTED BY A10209 [S09701 Detail]
Download: New_York-2023-S09701-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9701 IN SENATE May 22, 2024 ___________ Introduced by Sen. STAVISKY -- (at request of the State Comptroller) -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation to the New York state college choice tuition savings program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 9 of section 695-b of the education law, as 2 amended by chapter 535 of the laws of 2000, is amended to read as 3 follows: 4 9. "Qualified withdrawal" shall mean a withdrawal from an account: 5 a. to pay the qualified higher education expenses of the designated 6 beneficiary of the account at an eligible educational institution; 7 b. to pay principal and interest on any qualified education loan as 8 provided for in section 529(c)(9) of the Internal Revenue Code of 1986, 9 as amended; and 10 c. to make a rollover to a Roth Individual Retirement Account as 11 provided for in section 529(c)(3)(E) of the Internal Revenue Code of 12 1986, as amended. 13 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14892-02-4