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NY A03879
Bill
Status
Introduced
1/29/2013
Primary Sponsor
Matthew Titone
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AI Summary
- Increases the annual contribution limit for individual or head of household taxpayers to family tuition accounts from $5,000 to $10,000 per designated beneficiary
- Increases the annual contribution limit for married couples filing jointly from $10,000 to $20,000 per designated beneficiary
- Applies to contributions made to accounts under the New York state college choice tuition savings program (529 plan equivalent)
- Contributions must not be deductible or eligible for credit under federal income tax law to qualify for this exclusion
- Takes effect January 1, 2014
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
held for consideration in ways and means
6/17/2014
Committee Referrals
Ways and Means1/29/2013
Full Bill Text
No bill text available