Bill Text: NY S01223 | 2015-2016 | General Assembly | Amended

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Bill Title: Establishes the New York state pre-paid tuition plan by which a person may contribute to an account for the pre-payment of college tuition, tax free.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2016-06-17 - RECOMMITTED TO RULES [S01223 Detail]

Download: New_York-2015-S01223-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1223--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                     January 9, 2015
                                       ___________
        Introduced  by  Sens.  CARLUCCI,  KLEIN, AVELLA, SAVINO, VALESKY -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee on Higher Education -- recommitted to the Committee on High-
          er  Education  in  accordance  with Senate Rule 6, sec. 8 -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN ACT to amend the education law, the  state  finance  law,  the  civil
          practice  law  and  rules and the tax law, in relation to establishing
          the New York state pre-paid tuition plan
          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 355-d
     2  to read as follows:
     3    § 355-d. "New York state pre-paid tuition plan". 1. Definitions.   For
     4  the purposes of this section, the following terms shall have the follow-
     5  ing meanings:
     6    a.  "Account"  or  "pre-paid tuition account" shall mean an individual
     7  pre-paid tuition account established in accordance with  the  provisions
     8  of this section.
     9    b.  "Account  owner"  shall  mean  a person who enters into a pre-paid
    10  tuition agreement pursuant to the provisions of this article,  including
    11  a  person  who  enters into such an agreement as a fiduciary or agent on
    12  behalf of a trust, estate, partnership, association, company  or  corpo-
    13  ration.  The account owner may also be the designated beneficiary of the
    14  account.
    15    c. "City university" shall mean the city university of New York.
    16    d. "Comptroller" shall mean the state comptroller.
    17    e. "Designated beneficiary" shall mean, with respect to an account  or
    18  accounts,  the  individual  designated  as  the individual whose tuition
    19  expenses are expected to be paid from the account or accounts.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03418-02-6