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 - Dead) 2020-07-14 - held for consideration in higher education [A05596 Detail]
Download: New_York-2019-A05596-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5596 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. LBD08929-01-9