Assembly Bill A6580

2015-2016 Legislative Session

Increases tax free contributions to family tuition accounts

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2015-A6580 (ACTIVE) - Details

See Senate Version of this Bill:
S1225
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9665, S7197
2017-2018: A6272, S396
2019-2020: A5682, S3485
2021-2022: S2619
2023-2024: S4962

2015-A6580 (ACTIVE) - Summary

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

2015-A6580 (ACTIVE) - Bill Text download pdf 

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

                                  6580

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 27, 2015
                               ___________

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

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.
  S  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.
                                                           LBD03421-01-5

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