Assembly Bill A4065

2023-2024 Legislative Session

Enacts the "Excelsior Opportunity Accounts Act"

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2023-A4065 (ACTIVE) - Details

See Senate Version of this Bill:
S953
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add Art 17 §§9100 - 9110, Bank L; amd §§280-a & 612, Tax L; amd §§92-b & 93-b, St Fin L
Versions Introduced in 2021-2022 Legislative Session:
S6902

2023-A4065 (ACTIVE) - Summary

Enacts the "Excelsior Opportunity Accounts Act"; establishes a special fund for EO accounts within the department of financial services for certain eligible individuals born after December 31, 2025, who reside in the state, are under age 18, with household income not exceeding 700% of the poverty level; provides for contribution and investment of monies of fund.

2023-A4065 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4065
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 9, 2023
                                ___________
 
 Introduced  by  M.  of  A.  CUNNINGHAM  -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, the tax law and the state finance  law,
   in relation to enacting the "excelsior opportunity accounts act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "excelsior opportunity accounts act".
   §  2. The banking law is amended by adding a new article 17 to read as
 follows:
                                 ARTICLE 17
                    EXCELSIOR OPPORTUNITY ACCOUNTS ACT
 SECTION 9100. SHORT TITLE.
         9101. DEFINITIONS.
         9102. EXCELSIOR OPPORTUNITY FUND ESTABLISHED.
         9103. EO ACCOUNTS.
         9104. ASSIGNMENT, ALIENATION, AND TREATMENT OF DECEASED  ACCOUNT
                 HOLDERS.
         9105. ANNUAL CONTRIBUTION CERTIFICATION.
         9106. RULES   GOVERNING  EO  ACCOUNTS  RELATING  TO  INVESTMENT,
                 ACCOUNTING, AND REPORTING.
         9107. EXCELSIOR OPPORTUNITY FUND BOARD.
         9108. ACCOUNTS DISREGARDED IN DETERMINING ELIGIBILITY FOR  STATE
                 BENEFITS.
         9109. REPORTS.
         9110. TAX TREATMENT.
   §  9100.  SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "EXCELSIOR OPPORTUNITY ACCOUNTS ACT".
   § 9101. DEFINITIONS. AS USED  IN  THIS  ARTICLE,  UNLESS  THE  CONTEXT
 OTHERWISE REQUIRES, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE MEANING
 ASCRIBED TO THEM:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02556-01-3
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.