senate Bill S6698A

2013-2014 Legislative Session

Establishes the New York state pre-paid tuition plan by which a person may contribute to an account for the pre-payment of college tuition, tax free

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2014 referred to higher education
delivered to assembly
passed senate
Jun 09, 2014 ordered to third reading cal.1217
committee discharged and committed to rules
May 05, 2014 print number 6698a
amend and recommit to higher education
Feb 28, 2014 referred to higher education

Co-Sponsors

S6698 - Details

See Assembly Version of this Bill:
A9656
Law Section:
Education Law
Laws Affected:
Add §355-d, Ed L; add §78-c, St Fin L; amd §5205, CPLR; amd §612, Tax L

S6698 - Summary

Establishes the New York state pre-paid tuition plan by which a person may contribute to an account for the pre-payment of college tuition, tax free.

S6698 - Sponsor Memo

S6698 - Bill Text download pdf

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

                                  6698

                            I N  S E N A T E

                            February 28, 2014
                               ___________

Introduced  by  Sens. CARLUCCI, KLEIN, SAVINO, VALESKY -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Higher Education

AN  ACT  to  amend  the  education law, the state finance law, the civil
  practice law and rules and the tax law, in  relation  to  establishing
  the New York state pre-paid tuition plan

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The education law is amended by adding a new  article  14-B
to read as follows:
                              ARTICLE 14-B
                  NEW YORK STATE PRE-PAID TUITION PLAN
SECTION 696. SHORT TITLE.
        696-A. DEFINITIONS.
        696-B. PRE-PAID TUITION PLAN BOARD.
        696-C. POWERS AND DUTIES OF THE BOARD.
        696-D. EXECUTIVE DIRECTOR.
        696-E. PLAN REQUIREMENTS.
        696-F. POWERS OF THE BOARD AND COMPTROLLER.
        696-G. STATE GUARANTEE.
  S  696.  SHORT  TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
THE "NEW YORK STATE PRE-PAID TUITION PLAN".
  S 696-A. DEFINITIONS. AS USED IN THIS  ARTICLE,  THE  FOLLOWING  TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1.  "ACCOUNT"  OR  "PRE-PAID TUITION ACCOUNT" SHALL MEAN AN INDIVIDUAL
PRE-PAID TUITION ACCOUNT ESTABLISHED IN ACCORDANCE WITH  THE  PROVISIONS
OF THIS ARTICLE.
  2.  "ACCOUNT  OWNER"  SHALL  MEAN  A PERSON WHO ENTERS INTO A PRE-PAID
TUITION AGREEMENT PURSUANT TO THE PROVISIONS OF THIS ARTICLE,  INCLUDING
A  PERSON  WHO  ENTERS INTO SUCH AN AGREEMENT AS A FIDUCIARY OR AGENT ON
BEHALF OF A TRUST, ESTATE, PARTNERSHIP, ASSOCIATION, COMPANY  OR  CORPO-
RATION.  THE ACCOUNT OWNER MAY ALSO BE THE DESIGNATED BENEFICIARY OF THE
ACCOUNT.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13274-02-4

Co-Sponsors

S6698A (ACTIVE) - Details

See Assembly Version of this Bill:
A9656
Law Section:
Education Law
Laws Affected:
Add §355-d, Ed L; add §78-c, St Fin L; amd §5205, CPLR; amd §612, Tax L

S6698A (ACTIVE) - Summary

Establishes the New York state pre-paid tuition plan by which a person may contribute to an account for the pre-payment of college tuition, tax free.

S6698A (ACTIVE) - Sponsor Memo

S6698A (ACTIVE) - Bill Text download pdf

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

                                 6698--A

                            I N  S E N A T E

                            February 28, 2014
                               ___________

Introduced  by  Sens. CARLUCCI, KLEIN, SAVINO, VALESKY -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Higher  Education  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the education law, the  state  finance  law,  the  civil
  practice  law  and  rules and the tax law, in relation to establishing
  the New York state pre-paid tuition plan

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The education law is amended by adding a new section 355-d
to read as follows:
  S 355-D. "NEW YORK STATE PRE-PAID TUITION PLAN". 1. DEFINITIONS.   FOR
THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
ING MEANINGS:
  A.  "ACCOUNT"  OR  "PRE-PAID TUITION ACCOUNT" SHALL MEAN AN INDIVIDUAL
PRE-PAID TUITION ACCOUNT ESTABLISHED IN ACCORDANCE WITH  THE  PROVISIONS
OF THIS SECTION.
  B.  "ACCOUNT  OWNER"  SHALL  MEAN  A PERSON WHO ENTERS INTO A PRE-PAID
TUITION AGREEMENT PURSUANT TO THE PROVISIONS OF THIS ARTICLE,  INCLUDING
A  PERSON  WHO  ENTERS INTO SUCH AN AGREEMENT AS A FIDUCIARY OR AGENT ON
BEHALF OF A TRUST, ESTATE, PARTNERSHIP, ASSOCIATION, COMPANY  OR  CORPO-
RATION.  THE ACCOUNT OWNER MAY ALSO BE THE DESIGNATED BENEFICIARY OF THE
ACCOUNT.
  C. "CITY UNIVERSITY" SHALL MEAN THE CITY UNIVERSITY OF NEW YORK.
  D. "COMPTROLLER" SHALL MEAN THE STATE COMPTROLLER.
  E. "DESIGNATED BENEFICIARY" SHALL MEAN, WITH RESPECT TO AN ACCOUNT  OR
ACCOUNTS,  THE  INDIVIDUAL  DESIGNATED  AS  THE INDIVIDUAL WHOSE TUITION
EXPENSES ARE EXPECTED TO BE PAID FROM THE ACCOUNT OR ACCOUNTS.
  F. "ELIGIBLE EDUCATIONAL INSTITUTION" SHALL MEAN  ANY  INSTITUTION  OF
HIGHER  EDUCATION  DEFINED  AS  AN  ELIGIBLE  EDUCATIONAL INSTITUTION IN
SECTION 529(E)(5) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.
  G. "FINANCIAL ORGANIZATION" SHALL MEAN AN ORGANIZATION  AUTHORIZED  TO
DO BUSINESS IN THE STATE AND (I) WHICH IS AN AUTHORIZED FIDUCIARY TO ACT
AS  A  TRUSTEE PURSUANT TO THE PROVISIONS OF AN ACT OF CONGRESS ENTITLED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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