Senate Bill S6634

2009-2010 Legislative Session

Increases to $10,000 the contribution that a resident taxpayer may make to family tuition accounts for each child during a taxable year

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S6634 (ACTIVE) - Details

See Senate Version of this Bill:
S7306
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2009-S6634 (ACTIVE) - Summary

Increases the contribution that a resident taxpayer may make to family tuition accounts for each beneficiary thereof during a taxable year.

2009-S6634 (ACTIVE) - Sponsor Memo

2009-S6634 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6634

                            I N  S E N A T E

                            January 21, 2010
                               ___________

Introduced  by  Sen.  MONSERRATE  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government 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:

  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 on the first of January next  succeed-
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.
                                                           LBD00040-05-0

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