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NY A05748
Bill
Status
3/23/2023
Primary Sponsor
Matthew Slater
Click for details
AI Summary
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Amends Education Law Section 695-e to expand qualified withdrawals from family tuition accounts (529 plans) to include treatment of substance use disorder for the designated beneficiary.
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Allows account owners to withdraw funds for detoxification and rehabilitation services, provided the treatment consists of at least 15 hours and includes classroom instruction in areas designated by the commissioner.
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Maintains existing 60-day notice requirement for withdrawals or such shorter period as authorized under program rules.
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Takes effect immediately upon enactment.
Legislative Description
Allows withdrawals from family tuition accounts to pay for treatment of substance use disorder, including detoxification and rehabilitation for the designated beneficiary.
Last Action
referred to higher education
1/3/2024