Bill > S01011

This bill increases the maximum contribution that a resident taxpayer can make to family tuition accounts for each beneficiary during a taxable year. Specifically, it raises the cap from $5,000 to $10,000 for individual or head of household filers, and from $10,000 to $20,000 for married couples filing jointly. The New York State College Choice Tuition Savings Program, established under the Education Law, allows taxpayers to set up these accounts to save for a beneficiary's higher education expenses.