Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations returned to senate died in assembly |
Jun 19, 2017 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1837 committee discharged and committed to rules |
Jan 04, 2017 |
referred to investigations and government operations |
Senate Bill S317
2017-2018 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
Votes
2017-S317 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2017-2018 Legislative Session:
-
S317
2017-S317 (ACTIVE) - Sponsor Memo
BILL NUMBER: S317 TITLE OF BILL : 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 PURPOSE : Increases to $10,000 the contribution that a resident taxpayer may make to family tuition accounts for each child during a taxable year. SUMMARY OF PROVISIONS : Contributions made by an account owner under the New York State college choice tuition savings program should not be deductible for federal income tax purposes. However, individual or the head of household shall not exceed twenty thousand dollars for the account(s) of each beneficiary. JUSTIFICATION : This legislation encourages parents to save tax-free tuition money for each child planning to attend college. Affording children the opportunity to attend college without incurring debt upon graduation.
2017-S317 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 317 2017-2018 Regular Sessions I N S E N A T E (PREFILED) January 4, 2017 ___________ 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 exclusion shall be available only to the account owner and not to any other person. § 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. LBD00120-01-7
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