Bill Text: NY S06238 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 6238 (Prior Session Legislation)

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 1-0)

Status: (Passed) 2019-11-25 - signed chap.545 [S06238 Detail]

Download: New_York-2019-S06238-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          6238

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 28, 2019
                                       ___________

        Introduced  by Sen. CARLUCCI -- (at request of the State Comptroller) --
          read twice and ordered printed, and when printed to  be  committed  to
          the Committee on Mental Health and Developmental Disabilities

        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.
                                                                   LBD09005-02-9