| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Apr 05, 2024 |
print number 269a |
| Apr 05, 2024 |
amend (t) and recommit to finance |
| Mar 26, 2024 |
reported and committed to finance |
| Jan 03, 2024 |
referred to budget and revenue |
| Jan 04, 2023 |
referred to budget and revenue |
Senate Bill S269A
2023-2024 Legislative Session
Sponsored By
(D) 26th Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
Actions
Votes
Bill Amendments
co-Sponsors
(R, C) 38th Senate District
2023-S269 - Details
2023-S269 - Sponsor Memo
BILL NUMBER: S269
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.
2023-S269 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
269
2023-2024 Regular Sessions
I N S E N A T E
(PREFILED)
January 4, 2023
___________
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.
LBD02274-01-3
co-Sponsors
(R, C) 9th Senate District
(R, C) 38th Senate District
2023-S269A (ACTIVE) - Details
2023-S269A (ACTIVE) - Sponsor Memo
BILL NUMBER: S269A
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
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 the personal income tax (PIT) deduction for 529
College Savings Plan contributions from $5,000 to $10,000 for taxpayers
filing as single or head of household. For taxpayers who are married
filing jointly, the PIT deduction is increased from $10,000 to $20,000.
Section 2 states the effective date.
2023-S269A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
269--A
2023-2024 Regular Sessions
I N S E N A T E
(PREFILED)
January 4, 2023
___________
Introduced by Sens. GOUNARDES, WEBER -- read twice and ordered printed,
and when printed to be committed to the Committee on Budget and Reven-
ue -- recommitted to the Committee on Budget and Revenue in accordance
with Senate Rule 6, sec. 8 -- reported favorably from said committee
and committed to the Committee on Finance -- committee discharged,
bill amended, ordered reprinted as amended and recommitted to said
committee
AN ACT to amend the tax law, in relation to increasing the authorized
resident taxpayer contribution 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 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.
LBD02274-02-4
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