| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jan 08, 2020 | referred to budget and revenue |
| Jan 22, 2019 | referred to budget and revenue |
senate Bill S2075
2019-2020 Legislative Session
Sponsored By
Brian A. Benjamin
(D) 0 Senate District
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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S2075 (ACTIVE) - Details
S2075 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2075 SPONSOR: BENJAMIN 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: Amends Paragraph 32 of subsection (c) of section 612 of the tax law to increase limit from $5,000 to $10,000.. EXISTING LAW: Current limit is $5,000 per year.
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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