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NY S09701

Bill

Official Source

Status

Introduced

5/22/2024

Primary Sponsor

Toby Stavisky

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Amends the definition of "qualified withdrawal" under the New York state college choice tuition savings program in Education Law Section 695-b
  • Adds payment of principal and interest on qualified education loans as defined in Internal Revenue Code Section 529(c)(9) as a qualified withdrawal use
  • Adds rollovers to a Roth Individual Retirement Account as defined in Internal Revenue Code Section 529(c)(3)(E) as a qualified withdrawal use
  • 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

SUBSTITUTED BY A10209

6/5/2024

Committee Referrals

Rules5/28/2024
Higher Education5/22/2024

Full Bill Text

No bill text available