Bill Text: NY A07473 | 2019-2020 | General Assembly | Introduced

Bill Title: Relates to increasing the maximum account balance for the New York ABLE program in accordance with the NY state college choice tuition savings program.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Engrossed) 2019-06-05 - RETURNED TO ASSEMBLY [A07473 Detail]

Download: New_York-2019-A07473-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       May 6, 2019
        Introduced  by M. of A. GUNTHER -- (at request of the State Comptroller)
          -- read once and referred to the Committee on Mental Health
        AN ACT to amend the mental hygiene law, in relation  to  increasing  the
          maximum account balance for the New York ABLE program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 12 of section 84.09 of the mental hygiene  law,
     2  as  added  by  chapter  576  of  the laws of 2015, is amended to read as
     3  follows:
     4    12. The comptroller shall promulgate rules or regulations  to  prevent
     5  contributions  on  behalf  of  a  designated beneficiary in excess of an
     6  amount that would cause the aggregate account balance for  all  accounts
     7  for  a  designated  beneficiary  to exceed a maximum account balance, as
     8  established from time to time by the comptroller.   Such maximum  amount
     9  shall reflect reasonable expenditures and shall be determined in accord-
    10  ance with any applicable state or federal law, rule, or regulation. Such
    11  maximum  amount  shall  not  exceed  [one  hundred thousand dollars] the
    12  federally authorized level of contribution established for the New  York
    13  college  choice  tuition  savings program pursuant to subdivision ten of
    14  section six hundred ninety-five-e of the education law unless  otherwise
    15  permitted by law.
    16    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.