Relates to determining income for tuition assistance program awards; provides that transfers from individual retirement accounts to Roth individual retirement accounts not be included in determining income for such TAP awards.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4192
SPONSOR: McKevitt (MS) TITLE OF BILL:
An act to amend the education law, in relation to determining income for
tuition assistance program awards
PURPOSE OR GENERAL IDEA OF BILL:
This legislation provides that for purposes of determining income, the
commissioner shall not consider transfers from individual retirement
accounts to both individual retirement accounts as income for calculat-
ing tuition assistance program awards.
SUMMARY OF SPECIFIC PROVISIONS:
Provides for an amendment to subdivision 3 of section 667 of the educa-
tion law by adding provision for the above stated stipulation.
JUSTIFICATION:
According to present law, although transfers are considered income in
determining tax liability, such monies are not available for tuition
expenditures without substantial penalties, and should not be considered
in the equation.
PRIOR LEGISLATIVE HISTORY:
A.5760 of 2014- Held for consideration in Higher Education
A.7554 of 2012- Held for consideration in Higher Education
A5395 of 2009-referred to higher education
A.6652 of 2007-held for consideration in Higher Education
A.10957 of 2006-held for consideration in Higher Education
A.5250 of 2005-Referred to Higher Education
A.2394 of 2003-Held in Higher Education
A.7644 of 2002-Referred to Higher Education
FISCAL IMPLICATIONS:
None
EFFECTIVE DATE:
This act shall take effect on the first of July next succeeding the date
on which it shall have become a law.
