Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 05, 2024 |
returned to assembly passed senate 3rd reading cal.1541 substituted for s9701 |
Jun 05, 2024 |
substituted by a10209 |
May 28, 2024 |
ordered to third reading cal.1541 committee discharged and committed to rules |
May 22, 2024 |
referred to higher education |
Senate Bill S9701
2023-2024 Legislative Session
Sponsored By
(D) 11th Senate District
Current Bill Status Via A10209 - Passed Senate
- 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
Actions
Votes
co-Sponsors
(D, WF) 17th Senate District
2023-S9701 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10209
- Law Section:
- Education Law
- Laws Affected:
- Amd §695-b, Ed L
2023-S9701 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9701 SPONSOR: STAVISKY TITLE OF BILL: An act to amend the education law, in relation to the New York state college choice tuition savings program PURPOSE: The purpose of this legislation is to conform the New York State college choice tuition savings program (NY 529) with certain provisions of federal law related to eligible higher education expenses paid from a qualified tuition program, specifically qualified education loan repay- ments, and the rollover of 529 account proceeds to a Roth IRA. SUMMARY OF PROVISIONS: Section 1 of this proposal amends the definition of "qualified with- drawal" in section 695-b of the Education Law to include the repayment of qualified education loans and the rollover of 529 account proceeds to a Roth IRA, each as provided for in Section 529 of the Internal Revenue
2023-S9701 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9701 I N S E N A T E May 22, 2024 ___________ Introduced by Sen. STAVISKY -- (at request of the State Comptroller) -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation to the New York state college choice tuition savings program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 9 of section 695-b of the education law, as amended by chapter 535 of the laws of 2000, is amended to read as follows: 9. "Qualified withdrawal" shall mean a withdrawal from an account: A. to pay the qualified higher education expenses of the designated beneficiary of the account at an eligible educational institution; B. TO PAY PRINCIPAL AND INTEREST ON ANY QUALIFIED EDUCATION LOAN AS PROVIDED FOR IN SECTION 529(C)(9) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AND C. TO MAKE A ROLLOVER TO A ROTH INDIVIDUAL RETIREMENT ACCOUNT AS PROVIDED FOR IN SECTION 529(C)(3)(E) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14892-02-4
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