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NY A04131
Bill
Status
1/31/2025
Primary Sponsor
Michael Reilly
Click for details
AI Summary
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Amends the definition of "eligible educational institution" in New York's College Choice Tuition Savings Program (529 plan) to align with federal Internal Revenue Code section 529(e)(5)
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Removes outdated language referencing only "institutions of higher education" to match broader federal eligibility standards
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Allows 529 savings plan funds to be used for K-12 educational expenses, conforming to federal tax law changes
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Maintains existing eligibility for apprenticeship programs under IRC section 529(c)(8)
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Takes effect immediately upon passage
Legislative Description
Conforms the New York state college choice tuition savings program to the federal qualified tuition program so as to include savings for grades kindergarten through 12.
Last Action
referred to higher education
1/7/2026