Assembly Bill A10209

Signed By Governor
2023-2024 Legislative Session

Relates to qualified withdrawals under the New York state college choice tuition savings program

download bill text pdf

Sponsored By

Current 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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2023-A10209 (ACTIVE) - Details

See Senate Version of this Bill:
S9701
Law Section:
Education Law
Laws Affected:
Amd §695-b, Ed L

2023-A10209 (ACTIVE) - Summary

Provides that the payment of interest on an education loan and Roth IRA deposits shall be qualified withdrawals under the New York state college choice tuition savings program.

2023-A10209 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10209
 
                           I N  A S S E M B L Y
 
                               May 13, 2024
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. McDonald) --
   (at request of the State Comptroller) -- read once and referred to the
   Committee on Higher Education
 
 AN  ACT  to  amend  the education law, in relation to the New York state
   college choice tuition savings program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  9  of section 695-b of the education law, as
 amended by chapter 535 of the laws  of  2000,  is  amended  to  read  as
 follows:
   9. "Qualified withdrawal" shall mean a withdrawal from an account:
   A.  to  pay  the qualified higher education expenses of the designated
 beneficiary of the account at an eligible educational institution;
   B. TO PAY PRINCIPAL AND INTEREST ON ANY QUALIFIED  EDUCATION  LOAN  AS
 PROVIDED  FOR IN SECTION 529(C)(9) OF THE INTERNAL REVENUE CODE OF 1986,
 AS AMENDED; AND
   C. TO MAKE A ROLLOVER TO  A  ROTH  INDIVIDUAL  RETIREMENT  ACCOUNT  AS
 PROVIDED  FOR  IN  SECTION  529(C)(3)(E) OF THE INTERNAL REVENUE CODE OF
 1986, AS AMENDED.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14892-02-4

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