Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Nov 28, 2016 | signed chap.454 |
Nov 16, 2016 | delivered to governor |
Jun 08, 2016 | returned to assembly passed senate 3rd reading cal.928 substituted for s6942 |
Jun 08, 2016 | substituted by a9118 |
May 23, 2016 | advanced to third reading |
May 18, 2016 | 2nd report cal. |
May 17, 2016 | 1st report cal.928 |
Mar 08, 2016 | referred to higher education |
senate Bill S6942
Signed By GovernorSponsored By
Thomas D. Croci
(R) 0 Senate District
Archive: Last Bill Status Via A9118 - Signed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
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S6942 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9118
- Law Section:
- Education Law
- Laws Affected:
- Amd ยง695-e, Ed L
S6942 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6942 TITLE OF BILL : An act to amend the education law, in relation to authorizing personal tax refunds to be contributed to accounts under the college savings program PURPOSE OR GENERAL IDEA OF BILL : Expands contribution options for individuals who choose to invest in higher education by authorizing taxpayers to make direct deposit contributions of personal income tax refunds into a New York State 529 College Savings Program. SUMMARY OF SPECIFIC PROVISIONS : This legislation amends subdivision 4 of section 695-e of the education law to authorize taxpayers to directly deposit all or a portion of their personal income tax refund to the New York State College Choice Tuition Savings (529) Program. Contributions must be a minimum of twenty five dollars and can be applied only for the tax year in which the refund was issued. Once a taxpayer has elected to contribute a specified amount of funds to a New York State 529 College Savings Program, the deposit cannot be changed or revoked.
S6942 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6942 I N S E N A T E March 8, 2016 ___________ Introduced by Sen. CROCI -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation to authorizing personal tax refunds to be contributed to accounts under the college savings program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 4 of section 695-e of the education law, as amended by chapter 593 of the laws of 2003, is amended to read as follows: 4. Contributions to accounts may be made [only] in cash OR MAY BE DEPOSITED BY A TAXPAYER WHO HAS ELECTED TO CONTRIBUTE ALL OR A PORTION OF A REFUND OF PERSONAL INCOME TAX TO AN ACCOUNT THAT HAS BEEN ESTAB- LISHED UNDER THIS ARTICLE. A. TAXPAYER CONTRIBUTIONS SHALL BE MADE BY DIRECT DEPOSIT TO THE DESIGNATED ACCOUNT. THE AMOUNT ELECTED TO BE CONTRIBUTED BY THE TAXPAYER MUST BE AT LEAST TWENTY-FIVE DOLLARS AND MAY BE APPLIED AS A CONTRIB- UTION ONLY FOR THE TAX YEAR IN WHICH THE REFUND IS ISSUED. B. THE ELECTION SHALL BE MADE ON A FORM PRESCRIBED BY THE DEPARTMENT OF TAXATION AND FINANCE AND FILED WITH THE TAXPAYER'S TAX RETURN FOR THE TAX YEAR OR AT SUCH OTHER TIME AND IN SUCH OTHER MANNER AS THE DEPART- MENT MAY PRESCRIBE. THE DEPARTMENT SHALL PRESCRIBE THE MAXIMUM NUMBER OF ACCOUNTS TO WHICH A TAXPAYER MAY ELECT TO CONTRIBUTE A PORTION OF THE REFUND. C. THE ELECTION TO CONTRIBUTE ALL OR A PORTION OF A REFUND SHALL NOT BE REVOCABLE. D. ALL OR A PORTION OF A REFUND MAY NOT BE CONTRIBUTED TO AN ACCOUNT THAT HAS BEEN ESTABLISHED UNDER THIS ARTICLE IF THE AMOUNT OF THE TAXPAYER'S ELECTED REFUND FOR SUCH TAX YEAR IS REDUCED BY ANY OTHER SECTIONS OF THE TAX LAW TO THE AMOUNT LESS THAN THE MINIMUM AMOUNT OF CONTRIBUTION AUTHORIZED UNDER THIS SECTION. 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. LBD13624-04-6
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