New York S 10445: Establishes scholarship programs within the New York 529 program

Bill Text

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S10445 Summary:

BILL NOS10445 

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SAME ASNo Same As

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SPONSORGIANARIS

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COSPNSR

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MLTSPNSR

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Amd §§695-a, 695-c & 695-e, add §695-h, Ed L

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Authorizes the comptroller, in consultation with the NYS higher education services corporation, to develop and administer a scholarship and savings program to provide a pathway for eligible children to save for education expenses.

Go to top S10445 Actions:

BILL NOS10445 

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05/15/2026REFERRED TO HIGHER EDUCATION

05/28/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

05/28/2026ORDERED TO THIRD READING CAL.1438

06/04/2026PASSED SENATE

06/04/2026DELIVERED TO ASSEMBLY

06/04/2026referred to higher education

Go to topS10445 Committee&nbspVotes:

Go to topS10445 Floor&nbspVotes:

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

Go to topS10445 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10445

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. GIANARIS -- (at request of the State Comptroller) --
 read twice and ordered printed, and when printed to be committed to
 the Committee on Higher Education

 AN ACT to amend the education law, in relation to establishing scholar-
 ship programs within the New York 529 program

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

 1 Section 1. Legislative intent. It is the intent of the legislature to
 2 support children and their future endeavors by expanding the accessibil-
 3 ity of scholarships and grants available to them, and to provide a path-
 4 way for children to begin saving for their future education costs.
 5 § 2. Section 695-a of the education law, as added by chapter 546 of
 6 the laws of 1997, is amended to read as follows:
 7 § 695-a. Purposes. The purposes of the tuition savings program shall
 8 be to authorize the establishment of family tuition accounts and to
 9 provide guidelines for the maintenance of such accounts to:
 10 1. Enable residents of this state and other states to benefit from the
 11 tax incentive provided for qualified state tuition programs under the
 12 Internal Revenue Code of 1986, as amended; [and]
 13 2. Attract students to public and private colleges and universities
 14 within the state[.]; and
 15 3. Provide a pathway for eligible children to save for education
 16 expenses through grant and scholarship programs, including scholarship
 17 programs established pursuant to section six hundred ninety-five-h of
 18 this article.
 19 § 3. The education law is amended by adding a new section 695-h to
 20 read as follows:
 21 § 695-h. Scholarship and universal 529 programs; establishment of
 22 scholarship programs. 1. The comptroller, in consultation with the
 23 corporation, is hereby authorized to develop and administer a scholar-
 24 ship and savings program pursuant to the provisions of this article,
 25 including but not limited to a universal scholarship program, to provide
 26 a pathway for eligible children to save for education expenses in furth-
 27 erance of the purposes of this article.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14950-01-6

 S. 10445 2

 1 2. The comptroller shall serve as the account holder for accounts
 2 within a scholarship program created pursuant to this section to fund
 3 scholarships for persons whose identity shall be determined by the
 4 program.
 5 3. Where an account, created pursuant to subdivision twelve of section
 6 six hundred ninety-five-e of this article, already exists for the bene-
 7 fit of an individual also eligible for any scholarship program created
 8 pursuant to this section, the comptroller may, instead of opening a new
 9 account under any scholarship program created pursuant to this section,
 10 disburse scholarship monies to that established account, where such
 11 option is elected by the parent or guardian of the account beneficiary.
 12 4. All program limitations set forth in subdivision sixteen of section
 13 six hundred ninety-five-e of this article and section six hundred nine-
 14 ty-five-f of this article shall be applicable to any scholarship program
 15 created pursuant to this section.
 16 5. The definitions set forth in section s