Bill > S04962

This bill amends the New York state tax law to increase the amounts of contributions that may be made tax-free to family tuition accounts, which are established under the New York State College Choice Tuition Savings Program. Specifically, the bill increases the maximum annual contribution limit from $5,000 to $10,000 for individuals or heads of household, and from $10,000 to $20,000 for married couples filing joint tax returns. These changes apply to the current taxable year and all subsequent taxable years.