Senate Bill S1011

2021-2022 Legislative Session

Increases to $10,000 the contribution that a resident taxpayer may make to family tuition accounts for each child during a taxable year

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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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2021-S1011 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S602
2013-2014: S60
2015-2016: S2235
2017-2018: S317
2019-2020: S2075
2023-2024: S269

2021-S1011 (ACTIVE) - Summary

Increases the contribution that a resident taxpayer may make to family tuition accounts for each beneficiary thereof during a taxable year.

2021-S1011 (ACTIVE) - Sponsor Memo

2021-S1011 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1011
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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 exclusion
 shall be available only to the  account  owner  and  not  to  any  other
 person.
   §  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.
                                                            LBD04903-01-1

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