New York A 5788: Amends the New York state college choice tuition savings program to have the program also apply to elementary and secondary schools

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A05788 Summary:

BILL NOA05788 

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SAME ASSAME AS S00388

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SPONSORGiglio

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COSPNSR

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MLTSPNSR

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Amd Art 14-A Art Head, §§695, 695-a, 695-b & 695-d, Ed L; amd §§612 & 658, Tax L; amd §78, St Fin L; amd
§5205, CPLR

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Amends the New York state college choice tuition savings program to have the program also apply to elementary and secondary schools.

Go to top A05788 Actions:

BILL NOA05788 

&nbsp

02/20/2025referred to education

01/07/2026referred to education

Go to topA05788 Committee&nbspVotes:

Go to topA05788 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05788 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5788

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 20, 2025
 ___________

 Introduced by M. of A. GIGLIO -- read once and referred to the Committee
 on Education

 AN ACT to amend the education law, the tax law, the state finance law
 and the civil practice law and rules, in relation to requiring the New
 York state college choice tuition savings program to also apply to
 elementary and secondary schools

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The article heading of article 14-A of the education law,
 2 as added by chapter 546 of the laws of 1997, is amended to read as
 3 follows:
 4 NEW YORK STATE
 5 [COLLEGE CHOICE] TUITION SAVINGS PROGRAM
 6 § 2. Section 695 of the education law, as added by chapter 546 of the
 7 laws of 1997, is amended to read as follows:
 8 § 695. Program established. There is hereby established the [college
 9 choice] tuition savings program and such program shall be known and may
 10 be cited as the "New York state [college choice] tuition savings
 11 program".
 12 § 3. Subdivision 2 of section 695-a of the education law, as added by
 13 chapter 546 of the laws of 1997, is amended to read as follows:
 14 2. Attract students to public and private elementary and secondary
 15 schools, and colleges and universities within the state.
 16 § 4. Subdivision 7 of section 695-b of the education law, as added by
 17 chapter 546 of the laws of 1997, is amended to read as follows:
 18 7. "Program" shall mean the New York state [college choice] tuition
 19 savings program established pursuant to this article.
 20 § 5. Paragraph c of subdivision 2 of section 695-d of the education
 21 law, as added by chapter 546 of the laws of 1997, is amended to read as
 22 follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01578-01-5

 A. 5788 2

 1 c. The ability of the investment instrument to track increasing costs
 2 of [higher] education;
 3 § 6. Paragraphs 32 and 33 of subsection (c) of section 612 of the tax
 4 law, paragraph 32 as amended by chapter 81 of the laws of 2008 and para-
 5 graph 33 as added by chapter 546 of the laws of 1997, are amended to
 6 read as follows:
 7 (32) Contributions made during the taxable year by an account owner to
 8 one or more family tuition accounts established under the New York state
 9 [college choice] tuition savings program provided for under article
 10 fourteen-A of the education law, to the extent not deductible or eligi-
 11 ble for credit for federal income tax purposes, provided, however, the
 12 exclusion provided for in this paragraph shall not exceed five thousand
 13 dollars for an individual or head of household, and for married couples
 14 who file joint tax returns, shall not exceed ten thousand dollars;
 15 provided, further, that such exclusion shall be available only to the
 16 account owner and not to any other person.
 17 (33) Distributions from a family tuition account established under the
 18 New York state [college choice] tuition savings program provided for
 19 under article fourteen-A of the education law, to the extent includible
 20 in gross income for federal income tax purposes.
 21 § 7. Paragraph 3 of subsection (d) of section 658 of the tax law, as
 22 added by chapter 546 of the laws of 1997, is amended to read as follows:
 23 (3) The commissioner may by regulation or instruction require the
 24 filing of a report annually by the comptroller or program manager of the
 25 N