NY A09118

Amends education law to allow taxpayers to contribute all or a portion of their personal income tax refund to college savings accounts established under the state's college savings program.

Requires contributions to be made by direct deposit with a minimum contribution amount of at least twenty-five dollars for the tax year in which the refund is issued.

Requires the Department of Taxation and Finance to prescribe the election form to be filed with the taxpayer's tax return and to determine the maximum number of accounts to which a taxpayer may contribute a refund portion.

Makes the election to contribute a refund irrevocable once made by the taxpayer.

Prohibits contribution of refund amounts to accounts if the total would violate contribution limits under the college savings program.