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NY A10476
Bill
Status
Introduced
3/6/2026
Primary Sponsor
Alicia Hyndman
Click for details
AI Summary
- Creates a New York college debt repayment program allowing state residents to establish tax-advantaged accounts for paying off higher education debt
- Earnings grow federal and state tax-deferred, with withdrawals for qualified expenses exempt from income tax
- Qualified expenses include tuition, room and board, fees, books, supplies, equipment, and special needs services incurred at eligible educational institutions
- Requires minimum initial investment of $25 with maximum contribution limit of $375,000 per beneficiary account
- Provides annual state tax deductions of up to $5,000 for individual filers and $10,000 for married couples filing jointly
- Imposes 10% penalty tax plus federal and state income tax on withdrawals used for non-qualified expenses
Legislative Description
Establishes the New York college debt repayment program.
Last Action
referred to higher education
3/6/2026
Committee Referrals
Higher Education3/6/2026
Full Bill Text
No bill text available