STATE OF NEW YORK
________________________________________________________________________
1145
2025-2026 Regular Sessions
IN SENATE
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:
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 on the first of January next succeed-
15 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
