Bill > S02075

This bill increases the contribution that a resident taxpayer may make to family tuition accounts for each beneficiary thereof during a taxable year. Specifically, it raises the authorized contribution limit from $5,000 to $10,000 for individual or head of household taxpayers, and from $10,000 to $20,000 for married couples filing joint tax returns, for each designated beneficiary of the New York State College Choice Tuition Savings Program. The bill takes effect on the first of January following the date it becomes law.