New York S 6778: Relates to the establishment of multi-year cost allowances for the Mount Vernon school district

Bill Text

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S06778 Summary:

BILL NOS06778 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORJACKSON

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COSPNSR

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MLTSPNSR

&nbsp

Amd §612, Tax L

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Increases the amounts of contributions that may be made tax free to family tuition accounts.

Go to top S06778 Actions:

BILL NOS06778 

&nbsp

03/24/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

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Go to topS06778 Floor&nbspVotes:

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

Go to topS06778 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6778

 2025-2026 Regular Sessions

 IN SENATE

 March 24, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to contributions to family
 tuition accounts

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

 1 Section 1. Paragraph 32 of subsection (c) of section 612 of the tax
 2 law, as amended by chapter 81 of the laws of 2008, is amended to read as
 3 follows:
 4 (32) Contributions made during the taxable year by an account owner to
 5 one or more family tuition accounts established under the New York state
 6 college choice tuition savings program provided for under article four-
 7 teen-A of the education law, to the extent not deductible or eligible
 8 for credit for federal income tax purposes, provided, however, the
 9 exclusion provided for in this paragraph shall not exceed [five] ten
 10 thousand dollars for an individual or head of household, and for married
 11 couples who file joint tax returns, shall not exceed [ten] twenty thou-
 12 sand dollars; provided, further, that such exclusion shall be available
 13 only to the account owner and not to any other person.
 14 § 2. This act shall take effect immediately, and shall apply to the
 15 taxable year in which it takes effect and taxable years commencing on or
 16 after such date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11250-01-5

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