Assembly Bill A5682

2019-2020 Legislative Session

Increases tax free contributions to family tuition accounts

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

2019-A5682 (ACTIVE) - Details

See Senate Version of this Bill:
S3485
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9665, S7197
2015-2016: A6580, S1225
2017-2018: A6272, S396
2021-2022: S2619
2023-2024: S4962

2019-A5682 (ACTIVE) - Summary

Increases the amounts of contributions that may be made tax free to family tuition accounts.

2019-A5682 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5682
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2019
                                ___________
 
 Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in  relation  to  contributions  to  family
   tuition accounts
 
   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 shall  not  exceed  [five]  TEN
 thousand dollars for an individual or head of household, and for married
 couples  who file joint tax returns, shall not exceed [ten] TWENTY thou-
 sand dollars; 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 immediately, and shall apply to the
 taxable year in which it takes effect and taxable years commencing on or
 after such date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06244-01-9

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.