Senate Bill S8143

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-S8143 (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-S8143 (ACTIVE) - Summary

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

2021-S8143 (ACTIVE) - Sponsor Memo

2021-S8143 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8143
 
                             I N  S E N A T E
 
                             January 26, 2022
                                ___________
 
 Introduced by Sen. GOUNARDES -- 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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