Senate Bill S4962

2023-2024 Legislative Session

Increases tax free contributions to family tuition accounts

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S4962 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7197
2015-2016: S1225
2017-2018: S396
2019-2020: S3485
2021-2022: S2619

2023-S4962 (ACTIVE) - Summary

Increases the amounts of contributions that may be made tax free to family tuition accounts.

2023-S4962 (ACTIVE) - Sponsor Memo

2023-S4962 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4962
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 17, 2023
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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  contributions  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 immediately, and shall apply to the
 taxable year in which it takes effect and taxable years commencing on or
 after such date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07349-01-3



              

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