Senate Bill S6942

Signed By Governor
2015-2016 Legislative Session

Relates to contributions made to college savings accounts

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9118 - Signed by Governor

  • 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-S6942 (ACTIVE) - Details

See Assembly Version of this Bill:
A9118
Law Section:
Education Law
Laws Affected:
Amd §695-e, Ed L

2015-S6942 (ACTIVE) - Summary

Relates to contributions made to family tuition accounts; provides that a taxpayer may deposit a sum derived from his or her personal income tax refund into college savings accounts.

2015-S6942 (ACTIVE) - Sponsor Memo

2015-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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