S01225 Summary:

BILL NOS01225
 
SAME ASSAME AS A06580
 
SPONSORCARLUCCI
 
COSPNSR
 
MLTSPNSR
 
Amd S612, Tax L
 
Increases the amounts of contributions that may be made tax free to family tuition accounts.
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S01225 Actions:

BILL NOS01225
 
01/09/2015REFERRED TO HIGHER EDUCATION
01/06/2016REFERRED TO HIGHER EDUCATION
05/17/2016REPORTED AND COMMITTED TO FINANCE
06/01/2016COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/01/2016ORDERED TO THIRD READING CAL.1211
06/17/2016RECOMMITTED TO RULES
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S01225 Committee Votes:

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S01225 Floor Votes:

There are no votes for this bill in this legislative session.
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S01225 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1225
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                     January 9, 2015
                                       ___________
 
        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Higher Education
 
        AN ACT to amend the tax law, in  relation  to  contributions  to  family
          tuition accounts
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 32 of subsection (c) of section 612  of  the  tax
     2  law, as amended by chapter 81 of the laws of 2008, is amended to read as
     3  follows:
     4    (32) Contributions made during the taxable year by an account owner to
     5  one or more family tuition accounts established under the New York state
     6  college  choice tuition savings program provided for under article four-
     7  teen-A of the education law, to the extent not  deductible  or  eligible
     8  for  credit  for  federal  income  tax  purposes, provided, however, the
     9  exclusion provided for in this paragraph shall  not  exceed  [five]  ten
    10  thousand dollars for an individual or head of household, and for married
    11  couples  who file joint tax returns, shall not exceed [ten] twenty thou-
    12  sand dollars; provided, further, that such exclusion shall be  available
    13  only to the account owner and not to any other person.
    14    §  2.  This  act shall take effect immediately, and shall apply to the
    15  taxable year in which it takes effect and taxable years commencing on or
    16  after such date.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03421-01-5
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