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NY S00602

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

Jose Peralta

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Origin

Senate

2009-2010 General Assembly

AI Summary

  • Increases the maximum annual contribution to New York family tuition accounts (529 plans) from $5,000 to $10,000 per beneficiary for individuals and heads of household
  • Increases the maximum annual contribution from $10,000 to $20,000 per beneficiary for married couples filing joint tax returns
  • Applies contribution limits separately to each designated beneficiary's account or accounts
  • Contributions remain excludable from New York State income tax to the extent they are not deductible for federal income tax purposes
  • Takes effect on January 1st following enactment

Legislative Description

Increases the contribution that a resident taxpayer may make to family tuition accounts for each beneficiary thereof during a taxable year.

Last Action

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

1/5/2011

Committee Referrals

Investigations and Government Operations1/5/2011

Full Bill Text

No bill text available