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Assembly Bill A9276

2023-2024 Legislative Session

Establishes a tax deduction for distributions from a family tuition account established under the New York state college choice tuition savings program used to pay student loans

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Archive: Last Bill Status - In Assembly Committee

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2023-A9276 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2023-A9276 (ACTIVE) - Summary

Establishes a tax deduction for distributions from a family tuition account established under the New York state college choice tuition savings program used to pay student loans.

2023-A9276 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9276
 
                           I N  A S S E M B L Y
 
                             February 23, 2024
                                ___________
 
 Introduced by M. of A. SLATER -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing a tax deduction
   for  distributions from a family tuition account established under the
   New York state college choice tuition  savings  program  used  to  pay
   student loans

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 612 of the tax law is amended  by
 adding a new paragraph 31 to read as follows:
   (31) DISTRIBUTIONS FROM A FAMILY TUITION ACCOUNT ESTABLISHED UNDER THE
 NEW YORK STATE COLLEGE CHOICE TUITION SAVINGS PROGRAM PROVIDED FOR UNDER
 ARTICLE  FOURTEEN-A  OF THE EDUCATION LAW FOR THE PURPOSES OF PAYING FOR
 STUDENT LOANS; PROVIDED, HOWEVER, THE EXCLUSION  PROVIDED  FOR  IN  THIS
 PARAGRAPH SHALL NOT EXCEED TEN THOUSAND DOLLARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after the first of  January  next  succeeding  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.
                                                            LBD13782-01-3

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