senate Bill S60

2013-2014 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

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

S60 - Bill Details

See Assembly Version of this Bill:
A2638
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S602, A8396
2009-2010: S6634, S7306, A312B

S60 - Bill Texts

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

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BILL NUMBER:S60

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:
2011-12: S.602
2010: S.7306
2007-08: A.10222

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law.

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

                                   60

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. PERALTA -- 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:

  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.
                                                           LBD01095-01-3

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