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Senate Bill S2235

2015-2016 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 Senate Committee Investigations And Government Operations Committee

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2015-S2235 (ACTIVE) - Details

See Assembly Version of this Bill:
A4731
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A312
2011-2012: S602, A8396
2013-2014: S60, A2638
2017-2018: S317
2019-2020: S2075
2021-2022: S1011, S8143
2023-2024: S269
2025-2026: S1145

2015-S2235 (ACTIVE) - Summary

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

2015-S2235 (ACTIVE) - Sponsor Memo

2015-S2235 (ACTIVE) - Bill Text download pdf 

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

                                  2235

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 22, 2015
                               ___________

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.
                                                           LBD00391-01-5

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