Bill Text: NY A05596 | 2019-2020 | General Assembly | Introduced

Bill Title: Relates to creating the college savings incentive program, which provides up to a 10% matching grant from the general fund to the beneficiary of a family tuition account.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced) 2019-02-13 - referred to higher education [A05596 Detail]

Download: New_York-2019-A05596-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 13, 2019
        Introduced by M. of A. MANKTELOW, BRABENEC, DeSTEFANO, GIGLIO, HAWLEY --
          read once and referred to the Committee on Higher Education
        AN  ACT  to amend the education law, in relation to creating the college
          savings incentive program
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. The education law is amended by adding a new section 695-h
     2  to read as follows:
     3    § 695-h. College savings incentive program. 1. Family tuition accounts
     4  established pursuant to the provisions of this article shall be eligible
     5  for a matching grant of up to ten percent  from  the  general  fund,  as
     6  defined  in section seventy-two of the state finance law. If two or more
     7  accounts are held in a single beneficiary's name, the  values  shall  be
     8  combined in order to determine such matching grant amount.
     9    2. Such matching grant shall not exceed the maximum tuition assistance
    10  program  annual  award  amount, as defined in section six hundred sixty-
    11  seven of this chapter, at the  time  the  beneficiary  enrolls  into  an
    12  accredited two year or four year program at a qualified institution. For
    13  the  purposes  of  this  section a qualified institution shall include a
    14  state university of New York or a city university of New York or private
    15  college or university in New York.
    16    3. Such matching grant shall be made in eight equal payments over  the
    17  course of the beneficiary's four year enrollment at a qualified institu-
    18  tion at the beginning of each semester.
    19    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.