Relates to increasing the maximum account balance for the New York ABLE program in accordance with the NY state college choice tuition savings program.
STATE OF NEW YORK
________________________________________________________________________
6238
2019-2020 Regular Sessions
IN SENATE
May 28, 2019
___________
Introduced by Sen. CARLUCCI -- (at request of the State Comptroller) --
read twice and ordered printed, and when printed to be committed to
the Committee on Mental Health and Developmental Disabilities
AN ACT to amend the mental hygiene law, in relation to increasing the
maximum account balance for the New York ABLE program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 12 of section 84.09 of the mental hygiene law,
2 as added by chapter 576 of the laws of 2015, is amended to read as
3 follows:
4 12. The comptroller shall promulgate rules or regulations to prevent
5 contributions on behalf of a designated beneficiary in excess of an
6 amount that would cause the aggregate account balance for all accounts
7 for a designated beneficiary to exceed a maximum account balance, as
8 established from time to time by the comptroller. Such maximum amount
9 shall reflect reasonable expenditures and shall be determined in accord-
10 ance with any applicable state or federal law, rule, or regulation. Such
11 maximum amount shall not exceed [one hundred thousand dollars] the
12 federally authorized level of contribution established for the New York
13 college choice tuition savings program pursuant to subdivision ten of
14 section six hundred ninety-five-e of the education law unless otherwise
15 permitted by law.
16 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09005-02-9
