AB6121 Summary:

BILL NOA06121
 
SAME ASNo Same As
 
SPONSOROaks (MS)
 
COSPNSRBlankenbush, Castorina, Errigo, Giglio, Morinello, Miller B, Finch
 
MLTSPNSRBarclay
 
Add §695-h, Ed L
 
Relates to creating the college savings incentive program, which provides up to a 10% matching grant from the general fund to the beneficiary of a family tuition account.
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AB6121 Actions:

BILL NOA06121
 
02/23/2017referred to higher education
01/03/2018referred to higher education
05/14/2018held for consideration in higher education
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AB6121 Committee Votes:

HIGHER EDUCATION Chair:Glick DATE:05/14/2018AYE/NAY:18/7 Action: Held for Consideration
GlickAyeSmithNay
GottfriedAyeButlerNay
MageeAyeFitzpatrickNay
EnglebrightAyeRaNay
CahillAyeGarbarinoNay
LiftonAyeNorrisNay
CusickAyeMurrayNay
LupardoAye
Peoples-StokesAye
BrindisiAye
StirpeAye
FahyAye
PichardoAye
SimonAye
McDonaldAye
BichotteAye
HyndmanAye
EpsteinAye

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AB6121 Floor Votes:

There are no votes for this bill in this legislative session.
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AB6121 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A6121
 
SPONSOR: Oaks (MS)
  TITLE OF BILL: An act to amend the education law, in relation to creating the college savings incentive program   PURPOSE OR GENERAL IDEA OF BILL: This bill would encourage college savings by providing a 10% savings match, up to a maximum of the one year TAP maximum   SUMMARY OF SPECIFIC PROVISIONS: This bill amends the Education law by adding a new section 695-h 1. Allows for a matching grant up to 10% of the funds in a 529 college savings plan 2. Limits any award to the one year TAP maximum, and requires that the recipient be attending a qualified institution in New York State 3. Specifies that these funds would be allocated in eight equal payments, one each semester   JUSTIFICATION: The middle class struggles to save resources for college, yet often does not qualify for much financial aid. Students are frequently forced to take out large loans to pay for school, which result in large payments and limited discretionary income upon graduation. The legislation seeks to provide incentive for families to save money for college by offering a 10% match of the savings they are able to accrue in a 529 account. The money could only be used for schools located within the state of New York.   PRIOR LEGISLATIVE HISTORY: A7249 of 2016-Held for consideration in Higher Education   FISCAL IMPLICATIONS: To be determined   EFFECTIVE DATE: Immediately
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AB6121 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6121
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 23, 2017
                                       ___________
 
        Introduced  by  M.  of  A. OAKS, BLANKENBUSH, CASTORINA, ERRIGO, GIGLIO,
          GRAF -- Multi-Sponsored by -- M.  of  A.  BARCLAY  --  read  once  and
          referred to the Committee on Higher Education
 
        AN  ACT  to amend the education law, in relation to creating the college
          savings incentive program

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. The education law is amended by adding a new section 695-h
     2  to read as follows:
     3    § 695-h. College savings incentive program. 1. Family tuition accounts
     4  established pursuant to the provisions of this article shall be eligible
     5  for a matching grant of up to ten percent  from  the  general  fund,  as
     6  defined  in section seventy-two of the state finance law. If two or more
     7  accounts are held in a single beneficiary's name, the  values  shall  be
     8  combined in order to determine such matching grant amount.
     9    2. Such matching grant shall not exceed the maximum tuition assistance
    10  program  annual  award  amount, as defined in section six hundred sixty-
    11  seven of this chapter, at the  time  the  beneficiary  enrolls  into  an
    12  accredited two year or four year program at a qualified institution. For
    13  the  purposes  of  this  section a qualified institution shall include a
    14  state university of New York or a city university of New York or private
    15  college or university in New York.
    16    3. Such matching grant shall be made in eight equal payments over  the
    17  course of the beneficiary's four year enrollment at a qualified institu-
    18  tion at the beginning of each semester.
    19    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08431-01-7
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