Bill Text: NY S08334 | 2017-2018 | General Assembly | Introduced

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Bill Title: Allows withdrawals from family tuition accounts to pay for substance abuse rehabilitation for the designated beneficiary.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2018-05-02 - REFERRED TO HIGHER EDUCATION [S08334 Detail]

Download: New_York-2017-S08334-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8334
                    IN SENATE
                                       May 2, 2018
                                       ___________
        Introduced  by  Sens. MURPHY, AMEDORE -- read twice and ordered printed,
          and when printed to be committed to the Committee on Higher Education
        AN ACT to amend the education law, in relation  family  tuition  account
          withdrawals for substance abuse rehabilitation
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 5 of section 695-e of  the  education  law,  as
     2  amended  by  chapter  593  of  the  laws  of 2003, is amended to read as
     3  follows:
     4    5. a. An account owner may withdraw all or part of the balance from an
     5  account on sixty days notice or such shorter period as may be authorized
     6  under rules governing the program. Such rules shall  include  provisions
     7  that  will generally enable the determination as to whether a withdrawal
     8  is a nonqualified withdrawal or a qualified withdrawal.
     9    b. For purposes of this  subdivision,  a  qualified  withdrawal  shall
    10  include a withdrawal in which the account owner withdraws all or part of
    11  a balance from an account to fund an alcohol or substance abuse rehabil-
    12  itation  program  for  the  designated beneficiary.   Such program shall
    13  consist of at least fifteen hours and include, but need not  be  limited
    14  to, classroom instruction in areas deemed suitable by the commissioner.
    15    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15624-01-8