Senate Bill S1225

2015-2016 Legislative Session

Increases tax free contributions to family tuition accounts

download bill text pdf

Sponsored By

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

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2015-S1225 (ACTIVE) - Details

See Assembly Version of this Bill:
A6580
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7197, A9665
2017-2018: S396, A6272
2019-2020: S3485, A5682
2021-2022: S2619
2023-2024: S4962

2015-S1225 (ACTIVE) - Summary

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

2015-S1225 (ACTIVE) - Sponsor Memo

2015-S1225 (ACTIVE) - Bill Text download pdf

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

                                  1225

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             January 9, 2015
                               ___________

Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Higher Education

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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