senate Bill S2075

2019-2020 Legislative Session

Increases to $10,000 the contribution that a resident taxpayer may make to family tuition accounts for each child during a taxable year

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to budget and revenue
Jan 22, 2019 referred to budget and revenue

S2075 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S602
2013-2014: S60
2015-2016: S2235
2017-2018: S317
2021-2022: S1011, S8143

S2075 (ACTIVE) - Summary

Increases the contribution that a resident taxpayer may make to family tuition accounts for each beneficiary thereof during a taxable year.

S2075 (ACTIVE) - Sponsor Memo

S2075 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2075

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 22, 2019
                               ___________

Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Budget and Revenue

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.
                                                           LBD06067-01-9

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