S 1145: Increases the contribution that a resident taxpayer may make to family tuition accounts during a taxable year.

  
  STATE OF NEW YORK ________________________________________________________________________ 1145 2025-2026 Regular Sessions  IN SENATE January 8, 2025 ___________ Introduced by Sens. GOUNARDES, CANZONERI-FITZPATRICK, WEBER -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to increasing the authorized resident taxpayer contribution to family tuition accounts The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 32 of subsection (c) of section 612 of the tax 2 law, as amended by chapter 81 of the laws of 2008, is amended to read as 3 follows: 4 (32) Contributions made during the taxable year by an account owner to 5 one or more family tuition accounts established under the New York state 6 college choice tuition savings program provided for under article four- 7 teen-A of the education law, to the extent not deductible or eligible 8 for credit for federal income tax purposes, provided, however, the 9 exclusion provided for in this paragraph shall not exceed [five] ten 10 thousand dollars for an individual or head of household, and for married 11 couples who file joint tax returns, shall not exceed [ten] twenty thou- 12 sand dollars; provided, further, that such exclusion shall be available 13 only to the account owner and not to any other person. 14 § 2. This act shall take effect on the first of January next succeed- 15 ing the 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. LBD02226-01-5