|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 11, 2022||reported and committed to finance|
|Jan 26, 2022||referred to budget and revenue|
senate Bill S8143
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8143 (ACTIVE) - Details
S8143 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8143 SPONSOR: GOUNARDES 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 OR GENERAL IDEA OF BILL: 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: Section 1 amends Paragraph 32 of subsection (c) of section 612 of the tax law to increase limit from $5,000 to $10,000. Section 2 states the effective date.
S8143 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8143 I N S E N A T E January 26, 2022 ___________ Introduced by Sen. GOUNARDES -- 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. LBD04903-01-1
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