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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Jan 08, 2025 |
referred to budget and revenue |
Senate Bill S1145
2025-2026 Legislative Session
Sponsored By
(D) 26th Senate District
Current Bill Status - In Senate Committee Budget And Revenue 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
Actions
co-Sponsors
(R, C) 9th Senate District
(R, C) 38th Senate District
2025-S1145 (ACTIVE) - Details
2025-S1145 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1145
SPONSOR: GOUNARDES
TITLE OF BILL:
An act to amend the tax law, in relation to increasing the authorized
resident taxpayer contribution to family tuition accounts
PURPOSE OR GENERAL, IDEA OF BILL:
Increases to $10,000 the contribution that a resident taxpayer may make
to family tuition accounts for each child during a taxable year.
SUMMARY OF PROVISIONS:
Section 1 amends paragraph 32 of subsection (c) of Section 612 of the
Tax Law to increase the personal income tax (PIT) deduction for 529
College Savings Plan contributions from $5,000 to $10,000 for taxpayers
filing as single or head of household. For taxpayers who are married
filing jointly, the PIT deduction is increased from $10,000 to $20,000.
Section 2 states the effective date.
2025-S1145 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1145
2025-2026 Regular Sessions
I N S E N A T E
January 8, 2025
___________
Introduced by Sens. GOUNARDES, CANZONERI-FITZPATRICK, WEBER -- 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
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 shall not exceed [five] TEN
thousand dollars for an individual or head of household, and for married
couples who file joint tax returns, shall not exceed [ten] TWENTY thou-
sand dollars; 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.
LBD02226-01-5
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