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NY A10209
Bill
Status
9/5/2024
Primary Sponsor
John McDonald
Click for details
AI Summary
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Amends the definition of "qualified withdrawal" under the New York state college choice tuition savings program (Section 695-b of the Education Law)
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Adds payment of principal and interest on qualified education loans as a permitted withdrawal use, consistent with section 529(c)(9) of the Internal Revenue Code
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Allows rollovers from the program to a Roth Individual Retirement Account as a qualified withdrawal, in accordance with section 529(c)(3)(E) of the Internal Revenue Code
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Takes effect immediately upon enactment
Legislative Description
Provides that the payment of interest on an education loan and Roth IRA deposits shall be qualified withdrawals under the New York state college choice tuition savings program.
Last Action
signed chap.310
9/5/2024