Assembly Bill A9118

Signed By Governor
2015-2016 Legislative Session

Relates to contributions made to college savings accounts

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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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2015-A9118 (ACTIVE) - Details

See Senate Version of this Bill:
S6942
Law Section:
Education Law
Laws Affected:
Amd §695-e, Ed L

2015-A9118 (ACTIVE) - Summary

Relates to contributions made to family tuition accounts; provides that a taxpayer may deposit a sum derived from his or her personal income tax refund into college savings accounts.

2015-A9118 (ACTIVE) - Bill Text download pdf 

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

                                  9118

                          I N  A S S E M B L Y

                            January 28, 2016
                               ___________

Introduced  by  M.  of  A.  BUCHWALD,  McDONALD, RIVERA, SKOUFIS, MAYER,
  PAULIN, THIELE, MOSLEY, BRABENEC, GALEF, RAIA,  CRESPO,  HYNDMAN,  RA,
  SIMON,   GRAF,  ROZIC,  CERETTO,  CROUCH,  STIRPE,  O'DONNELL,  STECK,
  SEPULVEDA, BLAKE, PICHARDO,  RICHARDSON,  ZEBROWSKI,  CAHILL,  MURRAY,
  PEOPLES-STOKES, JAFFEE, SALADINO, ROBINSON, FAHY, LALOR -- Multi-Spon-
  sored  by -- M. of A. BARCLAY, BLANKENBUSH, CYMBROWITZ, JOYNER, MAGEE,
  McLAUGHLIN, NOLAN, RAMOS, TITONE -- read  once  and  referred  to  the
  Committee on Higher Education

AN  ACT  to amend the education law, in relation to authorizing personal
  tax refunds to be contributed to accounts under  the  college  savings
  program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 4 of section 695-e of  the  education  law,  as
amended  by  chapter  593  of  the  laws  of 2003, is amended to read as
follows:
  4. Contributions to accounts may be made [only]  in  cash  OR  MAY  BE
DEPOSITED  BY  A TAXPAYER WHO HAS ELECTED TO CONTRIBUTE ALL OR A PORTION
OF A REFUND OF PERSONAL INCOME TAX TO AN ACCOUNT THAT  HAS  BEEN  ESTAB-
LISHED UNDER THIS ARTICLE.
  A.  TAXPAYER  CONTRIBUTIONS  SHALL  BE  MADE  BY DIRECT DEPOSIT TO THE
DESIGNATED ACCOUNT. THE AMOUNT ELECTED TO BE CONTRIBUTED BY THE TAXPAYER
MUST BE AT LEAST TWENTY-FIVE DOLLARS AND MAY BE APPLIED  AS  A  CONTRIB-
UTION ONLY FOR THE TAX YEAR IN WHICH THE REFUND IS ISSUED.
  B.  THE  ELECTION SHALL BE MADE ON A FORM PRESCRIBED BY THE DEPARTMENT
OF TAXATION AND FINANCE AND FILED WITH THE TAXPAYER'S TAX RETURN FOR THE
TAX YEAR OR AT SUCH OTHER TIME AND IN SUCH OTHER MANNER AS  THE  DEPART-
MENT MAY PRESCRIBE. THE DEPARTMENT SHALL PRESCRIBE THE MAXIMUM NUMBER OF
ACCOUNTS  TO  WHICH  A TAXPAYER MAY ELECT TO CONTRIBUTE A PORTION OF THE
REFUND.
  C. THE ELECTION TO CONTRIBUTE ALL OR A PORTION OF A REFUND  SHALL  NOT
BE REVOCABLE.
  D.  ALL  OR A PORTION OF A REFUND MAY NOT BE CONTRIBUTED TO AN ACCOUNT
THAT HAS BEEN ESTABLISHED UNDER  THIS  ARTICLE  IF  THE  AMOUNT  OF  THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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