BILL NUMBER: S1145
SPONSOR: GOUNARDES
 
TITLE OF BILL:
An act to amend the tax law, in relation to increasing the authorized
resident taxpayer contribution to family tuition accounts
 
PURPOSE OR GENERAL, IDEA OF BILL:
Increases to $10,000 the contribution that a resident taxpayer may make
to family tuition accounts for each child during a taxable year.
 
SUMMARY OF PROVISIONS:
Section 1 amends paragraph 32 of subsection (c) of Section 612 of the
Tax Law to increase the personal income tax (PIT) deduction for 529
College Savings Plan contributions from $5,000 to $10,000 for taxpayers
filing as single or head of household. For taxpayers who are married
filing jointly, the PIT deduction is increased from $10,000 to $20,000.
Section 2 states the effective date.
 
JUSTIFICATION:
Given increases in the cost of higher education, this legislation would
raise the amount parents can save tax-free, helping to remove a barrier
for children to attend college.
 
PRIOR LEGISLATIVE HISTORY:
2024: S269 - Committed to Finance
2023: S269 - Committed to Finance
2022: S8143 - Committed to Finance
2021: S1011 - Committed to Finance
2019-20: S.2075 - Referred to Budget and Revenue
2017-18: S.317 - Passed Senate, died in Assembly
2015-2016: S.2235 - Referred to Investigations and Government Operations
2013-2014: S.60 - Referred to Investigations and Government Operations
2011-12: S.602 - Referred to Investigations and Government Operations
2010: S.7306 - Referred to Investigations and Government Operations
 
FISCAL IMPLICATIONS:
TBD
 
EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law.

Statutes affected:
S1145: 612 tax law, 612(c) tax law