Assembly Bill A5596

2019-2020 Legislative Session

Relates to creating the college savings incentive program

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2019-A5596 (ACTIVE) - Details

Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add §695-h, Ed L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7249
2017-2018: A6121
2021-2022: A4710

2019-A5596 (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.

2019-A5596 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5596
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 13, 2019
                                ___________
 
 Introduced by M. of A. MANKTELOW, BRABENEC, DeSTEFANO, GIGLIO, HAWLEY --
   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:
   § 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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08929-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.