STATE OF NEW YORK
________________________________________________________________________
6664
IN SENATE
January 25, 2010
___________
Introduced by Sen. SAVINO -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to increasing the authorized
resident taxpayer contribution to family tuition accounts to $10,000
per taxable year for each beneficiary thereof
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; for an individual or head of
10 household, shall not exceed [five] ten thousand dollars [for an individ-
11 ual or head of household] for the account or accounts of each designated
12 beneficiary, as defined in section six hundred ninety-five-b of the
13 education law, and for married couples who file joint tax returns, shall
14 not exceed [ten] twenty thousand dollars for the account or accounts of
15 each designated beneficiary, as defined in section six hundred ninety-
16 five-b of the education law; provided, further, that such exclusion
17 shall be available only to the account owner and not to any other
18 person.
19 § 2. This act shall take effect January 1, 2011.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00040-07-0