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NY S01145

Bill

Official Source

Status

Introduced

1/8/2025

Primary Sponsor

Andrew Gounardes

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Increases the maximum tax-deductible contribution to New York's 529 college savings program (family tuition accounts) from $5,000 to $10,000 for individuals and heads of household

  • Raises the deduction limit for married couples filing jointly from $10,000 to $20,000

  • Applies to contributions made to accounts under the New York State College Choice Tuition Savings Program established under Article 14-A of the education law

  • Takes effect on January 1st following enactment

Legislative Description

Increases the contribution that a resident taxpayer may make to family tuition accounts during a taxable year.

Last Action

REPORTED AND COMMITTED TO FINANCE

2/10/2026

Committee Referrals

Finance2/10/2026
Budget and Revenue1/7/2026
Finance2/11/2025
Budget and Revenue1/8/2025

Full Bill Text

No bill text available