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NY A04086
Bill
Status
1/31/2025
Primary Sponsor
Brian Cunningham
Click for details
AI Summary
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Creates "Excelsior Opportunity Accounts" (EO accounts) for children born in New York after December 31, 2027, who have household income not exceeding 700% of the federal poverty line for a family of four
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Provides an initial $1,000 contribution for children born in-state who are automatically enrolled, plus $500 annual contributions until age 18; children not automatically enrolled receive $500 for both initial and annual contributions
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Funds the program by reducing the stock transfer tax rebate from 100% to 50% starting October 1, 2027, with the retained revenue deposited into the Excelsior Opportunity Fund
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Establishes a 7-member Excelsior Opportunity Fund Board to oversee investments (limited to 30-year U.S. Treasury bonds) and develop financial literacy educational initiatives for account holders
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Exempts EO account balances from state taxation and prohibits counting them when determining eligibility for state benefit programs including public assistance and student financial aid
Legislative Description
Enacts the "Excelsior Opportunity Accounts Act"; establishes a special fund for EO accounts within the department of financial services for certain eligible individuals born after December 31, 2027, who reside in the state, are under age 18, with household income not exceeding 700% of the poverty level; provides for contribution and investment of monies of fund.
Last Action
referred to banks
1/7/2026