Assembly Bill A7473

Signed By Governor
2019-2020 Legislative Session

Relates to increasing the maximum account balance for the New York ABLE program

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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2019-A7473 (ACTIVE) - Details

See Senate Version of this Bill:
S6238
Law Section:
Mental Hygiene Law
Laws Affected:
Amd §84.09, Ment Hyg L

2019-A7473 (ACTIVE) - Summary

Relates to increasing the maximum account balance for the New York ABLE program in accordance with the NY state college choice tuition savings program.

2019-A7473 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7473
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 6, 2019
                                ___________
 
 Introduced  by M. of A. GUNTHER -- (at request of the State Comptroller)
   -- read once and referred to the Committee on Mental Health
 
 AN ACT to amend the mental hygiene law, in relation  to  increasing  the
   maximum account balance for the New York ABLE program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 12 of section 84.09 of the mental hygiene  law,
 as  added  by  chapter  576  of  the laws of 2015, is amended to read as
 follows:
   12. The comptroller shall promulgate rules or regulations  to  prevent
 contributions  on  behalf  of  a  designated beneficiary in excess of an
 amount that would cause the aggregate account balance for  all  accounts
 for  a  designated  beneficiary  to exceed a maximum account balance, as
 established from time to time by the comptroller.   Such maximum  amount
 shall reflect reasonable expenditures and shall be determined in accord-
 ance with any applicable state or federal law, rule, or regulation. Such
 maximum  amount  shall  not  exceed  [one  hundred thousand dollars] THE
 FEDERALLY AUTHORIZED LEVEL OF CONTRIBUTION ESTABLISHED FOR THE NEW  YORK
 COLLEGE  CHOICE  TUITION  SAVINGS PROGRAM PURSUANT TO SUBDIVISION TEN OF
 SECTION SIX HUNDRED NINETY-FIVE-E OF THE EDUCATION LAW unless  otherwise
 permitted by law.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09005-02-9

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