Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 17, 2016 |
recommitted to rules |
Feb 02, 2016 |
amended on third reading 6397a |
Jan 11, 2016 |
ordered to third reading cal.28 |
Jan 08, 2016 |
referred to rules |
Senate Bill S6397A
2015-2016 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
Actions
Votes
Bill Amendments
2015-S6397 - Details
- Current Committee:
- Senate Rules
- Law Section:
- Mental Hygiene Law
- Laws Affected:
- Amd §§84.03, 84.05 & 84.09, Ment Hyg L; rpld §612 sub§ (b), sub§ (c) ¶¶ 42 & 43, Tax L
2015-S6397 - Sponsor Memo
BILL NUMBER: S6397 TITLE OF BILL : An act to amend the mental hygiene law and the tax law, in relation to NY ABLE account ownership, contributions and distributions; and to repeal certain provisions of the tax law relating thereto PURPOSE OR GENERAL IDEA OF BILL : The intent of this act is to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence and quality of life; and to provide secure funding for disability related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through existing sources. SUMMARY OF SPECIFIC PROVISIONS : Section 1 makes conforming changes to section 84.03 of the mental hygiene law to reflect Internal Revenue Service regulations. Specifically, provides that accounts must be established in accordance with section 529A of the Internal Revenue Code, and that the account owner must also be the designated beneficiary of the account. Pursuant to federal law, family members of the intended beneficiary are not eligible to open separate accounts on behalf of their relative.
2015-S6397 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6397 I N S E N A T E January 8, 2016 ___________ Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the mental hygiene law and the tax law, in relation to NY ABLE account ownership, contributions and distributions; and to repeal certain provisions of the tax law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 2 and 3 of section 84.03 of the mental hygiene law, as added by chapter 576 of the laws of 2015, are amended to read as follows: 2. "Account" or "NY ABLE account" shall mean an individual savings account established in accordance with the provisions of [this article] SECTION 529A OF THE INTERNAL REVENUE CODE. 3. "Account owner" shall mean a person who opens a savings account pursuant to the provisions of [this article] SECTION 529A OF THE INTER- NAL REVENUE CODE, AS AMENDED, OR ANY REGULATIONS PROMULGATED THEREUNDER. The account owner [may] MUST also be the designated beneficiary of the account. S 2. Subdivisions 1 and 2 of section 84.05 of the mental hygiene law, as added by chapter 576 of the laws of 2015, are amended to read as follows: 1. The comptroller shall establish a NY ABLE account plan for all eligible individuals [and families] for the purpose of supporting indi- viduals with disabilities to maintain health, independence, and quality of life. The comptroller is hereby authorized to promulgate any and all rules and regulations necessary for the implementation of this article in consultation with the commissioners of the office for people with developmental disabilities, the office of mental health, the department of health, and the office of temporary and disability assistance. 2. The comptroller may implement the NY ABLE savings account program through use of third party vendors as administrators of such accounts, and financial organizations as account depositories and managers. Under the program, ELIGIBLE individuals may establish accounts directly with an account depository. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2015-S6397A (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Mental Hygiene Law
- Laws Affected:
- Amd §§84.03, 84.05 & 84.09, Ment Hyg L; rpld §612 sub§ (b), sub§ (c) ¶¶ 42 & 43, Tax L
2015-S6397A (ACTIVE) - Sponsor Memo
BILL NUMBER: S6397A TITLE OF BILL : An act to amend the mental hygiene law and the tax law, in relation to NY ABLE account ownership, contributions and distributions; and to repeal certain provisions of the tax law relating thereto PURPOSE OR GENERAL IDEA OF BILL : The intent of this act is to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence and quality of life; and to provide secure funding for disability related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through existing sources. SUMMARY OF SPECIFIC PROVISIONS : Section 1 makes conforming changes to section 84.03 of the mental hygiene law to reflect Internal Revenue Service regulations. Specifically, provides that accounts must be established in accordance with section 529A of the Internal Revenue Code, and that the account owner must also be the designated beneficiary of the account. Pursuant to federal law, family members of the intended beneficiary are not eligible to open separate accounts on behalf of their relative.
2015-S6397A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6397--A Cal. No. 28 I N S E N A T E January 8, 2016 ___________ Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the mental hygiene law and the tax law, in relation to NY ABLE account ownership, contributions and distributions; and to repeal certain provisions of the tax law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 2 and 3 of section 84.03 of the mental hygiene law, as added by a chapter of the laws of 2015 amending the mental hygiene law, the tax law, the social services law and the state finance law, relating to establishing the NY ABLE act, as proposed in legisla- tive bills numbers S.4472-D and A.776-B, are amended to read as follows: 2. "Account" or "NY ABLE account" shall mean an individual savings account established in accordance with the provisions of [this article] SECTION 529A OF THE INTERNAL REVENUE CODE. 3. "Account owner" shall mean a person who opens a savings account pursuant to the provisions of [this article] SECTION 529A OF THE INTER- NAL REVENUE CODE, AS AMENDED, OR ANY REGULATIONS PROMULGATED THEREUNDER. The account owner [may] MUST also be the designated beneficiary of the account. S 2. Subdivisions 1 and 2 of section 84.05 of the mental hygiene law, as added by a chapter of the laws of 2015 amending the mental hygiene law, the tax law, the social services law and the state finance law, relating to establishing the NY ABLE act, as proposed in legislative bills numbers S.4472-D and A.776-B, are amended to read as follows: 1. The comptroller shall establish a NY ABLE account plan for all eligible individuals [and families] for the purpose of supporting indi- viduals with disabilities to maintain health, independence, and quality of life. The comptroller is hereby authorized to promulgate any and all rules and regulations necessary for the implementation of this article in consultation with the commissioners of the office for people with EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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