Assembly Bill A7249

2015-2016 Legislative Session

Relates to creating the college savings incentive program

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2015-A7249 (ACTIVE) - Details

Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add §695-h, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6121
2019-2020: A5596
2021-2022: A4710

2015-A7249 (ACTIVE) - Summary

Relates to creating the college savings incentive program, which provides up to a 10% matching grant from the general fund to the beneficiary of a family tuition account.

2015-A7249 (ACTIVE) - Bill Text download pdf 

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

                                  7249

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 29, 2015
                               ___________

Introduced  by  M. of A. OAKS -- read once and referred to the Committee
  on Higher Education

AN ACT to amend the education law, in relation to creating  the  college
  savings incentive program

  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  695-h
to read as follows:
  S 695-H. COLLEGE SAVINGS INCENTIVE PROGRAM. 1. FAMILY TUITION ACCOUNTS
ESTABLISHED PURSUANT TO THE PROVISIONS OF THIS ARTICLE SHALL BE ELIGIBLE
FOR  A  MATCHING  GRANT  OF  UP TO TEN PERCENT FROM THE GENERAL FUND, AS
DEFINED IN SECTION SEVENTY-TWO OF THE STATE FINANCE LAW. IF TWO OR  MORE
ACCOUNTS  ARE  HELD  IN A SINGLE BENEFICIARY'S NAME, THE VALUES SHALL BE
COMBINED IN ORDER TO DETERMINE SUCH MATCHING GRANT AMOUNT.
  2. SUCH MATCHING GRANT SHALL NOT EXCEED THE MAXIMUM TUITION ASSISTANCE
PROGRAM  ANNUAL  AWARD  AMOUNT,  AS  DEFINED  IN  SECTION  SIX   HUNDRED
SIXTY-SEVEN OF THIS CHAPTER, AT THE TIME THE BENEFICIARY ENROLLS INTO AN
ACCREDITED TWO YEAR OR FOUR YEAR PROGRAM AT A QUALIFIED INSTITUTION. FOR
THE  PURPOSES  OF  THIS  SECTION A QUALIFIED INSTITUTION SHALL INCLUDE A
STATE UNIVERSITY OF NEW YORK OR A CITY UNIVERSITY OF NEW YORK OR PRIVATE
COLLEGE OR UNIVERSITY IN NEW YORK.
  3. SUCH MATCHING GRANT SHALL BE MADE IN EIGHT EQUAL PAYMENTS OVER  THE
COURSE OF THE BENEFICIARY'S FOUR YEAR ENROLLMENT AT A QUALIFIED INSTITU-
TION AT THE BEGINNING OF EACH SEMESTER.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10153-02-5

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