Bill Text: NY A09276 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes a tax deduction for distributions from a family tuition account established under the New York state college choice tuition savings program used to pay student loans.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-02-23 - referred to ways and means [A09276 Detail]

Download: New_York-2023-A09276-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9276

                   IN ASSEMBLY

                                    February 23, 2024
                                       ___________

        Introduced by M. of A. SLATER -- read once and referred to the Committee
          on Ways and Means

        AN ACT to amend the tax law, in relation to establishing a tax deduction
          for  distributions from a family tuition account established under the
          New York state college choice tuition  savings  program  used  to  pay
          student loans

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

     1    Section 1. Subsection (c) of section 612 of the tax law is amended  by
     2  adding a new paragraph 31 to read as follows:
     3    (31) Distributions from a family tuition account established under the
     4  New York state college choice tuition savings program provided for under
     5  article  fourteen-A  of the education law for the purposes of paying for
     6  student loans; provided, however, the exclusion  provided  for  in  this
     7  paragraph shall not exceed ten thousand dollars.
     8    § 2. This act shall take effect immediately and shall apply to taxable
     9  years beginning on or after the first of  January  next  succeeding  the
    10  date on which it shall have become a law.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13782-01-3