| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to investigations and government operations |
| Jul 16, 2009 |
committed to rules |
| May 04, 2009 |
amended on third reading 2575a |
| Apr 27, 2009 |
advanced to third reading |
| Apr 22, 2009 |
2nd report cal. |
| Apr 21, 2009 |
1st report cal.193 |
| Feb 24, 2009 |
referred to investigations and government operations |
Senate Bill S2575
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
Bill Amendments
2009-S2575 - Details
- Current Committee:
- Senate Investigations And Government Operations
2009-S2575 - Sponsor Memo
BILL NUMBER: S2575 REVISED 04/29/09
TITLE OF BILL :
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
PURPOSE OR GENERAL IDEA OF BILL :
Increases to $10,000 the contribution that a resident taxpayer may
make to family tuition accounts for each child during a taxable year.
SUMMARY OF SPECIFIC PROVISIONS :
Contributions made by an account owner under the New York State
college choice tuition savings program should not be deductible for
federal income tax purposes. However, individual or the head of
household shall not exceed ten thousand dollars for the account(s) of
each beneficiary.
JUSTIFICATION :
This legislation allows parents to save tax-free money for each child
attending college. This allows the quality of life to improve for both
parents and students. Parents have the opportunity to enroll multiple
children in college, while the opportunity for students to have better
lives and compete for better jobs increases.
co-Sponsors
(D, WF) Senate District
(D) Senate District
(D, IP) Senate District
(D, IP) Senate District
2009-S2575A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
2009-S2575A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2575A
TITLE OF BILL :
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
PURPOSE :
Increases to $10,000 the contribution that a resident taxpayer may
make to family tuition accounts for each child during a taxable year.
SUMMARY OF PROVISIONS :
Contributions made by an account owner under the New York State
college choice tuition savings program should not be deductible for
federal income tax purposes. However, individual or the head of
household shall not exceed twenty thousand dollars for the account(s)
of each beneficiary.
JUSTIFICATION :
This legislation encourages parents to save tax-free tuition money for
each child planning to attend college. Affording children the
opportunity to attend college without incurring debt upon graduation.
LEGISLATIVE HISTORY :
2007-2008 - A.10222
2009-S2575A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2575--A
Cal. No. 193
2009-2010 Regular Sessions
I N S E N A T E
February 24, 2009
___________
Introduced by Sens. MONSERRATE, ADAMS, DIAZ, SAVINO, VALESKY -- read
twice and ordered printed, and when printed to be committed to the
Committee on Investigations and Government Operations -- reported
favorably from said committee, ordered to first and second report,
ordered to a third reading, amended and ordered reprinted, retaining
its place in the order of third reading
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:
Section 1. Paragraph 32 of subsection (c) of section 612 of the tax
law, as amended by chapter 81 of the laws of 2008, is amended to read as
follows:
(32) Contributions made during the taxable year by an account owner to
one or more family tuition accounts established under the New York state
college choice tuition savings program provided for under article four-
teen-A of the education law, to the extent not deductible or eligible
for credit for federal income tax purposes, provided, however, the
exclusion provided for in this paragraph; FOR AN INDIVIDUAL OR HEAD OF
HOUSEHOLD, shall not exceed [five] TEN thousand dollars [for an individ-
ual or head of household] FOR THE ACCOUNT OR ACCOUNTS OF EACH DESIGNATED
BENEFICIARY, AS DEFINED IN SECTION SIX HUNDRED NINETY-FIVE-B OF THE
EDUCATION LAW, and for married couples who file joint tax returns, shall
not exceed [ten] TWENTY thousand dollars FOR THE ACCOUNT OR ACCOUNTS OF
EACH DESIGNATED BENEFICIARY, AS DEFINED IN SECTION SIX HUNDRED
NINETY-FIVE-B OF THE EDUCATION LAW; provided, further, that such exclu-
sion shall be available only to the account owner and not to any other
person.
S 2. This act shall take effect immediately and shall apply to the
taxable year in which it takes effect and to all subsequent taxable
years.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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