S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8396

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 15, 2011
                               ___________

Introduced  by  M. of A. MOYA -- read once and referred to the Committee
  on Ways and Means

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 exclu-
sion shall be available only to the account owner and not to  any  other
person.
  S  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.
                                                           LBD03297-01-1