Bill > S00388

This bill amends the New York State College Choice Tuition Savings Program to expand its scope beyond higher education to include elementary and secondary schools. The legislation modifies several sections of existing law to remove the word "college choice" from the program's name and broaden its purpose. Specifically, the bill changes the program's objectives to attract students to both public and private elementary and secondary schools, as well as colleges and universities within the state. The modifications also update tax-related provisions to reflect this expanded scope, including adjusting tax deduction rules for contributions to family tuition accounts. The bill allows for tax exclusions for account contributions up to $5,000 for individuals and $10,000 for married couples filing jointly. Additionally, the legislation establishes reporting requirements for the program and creates a trust fund to manage the program's finances. The changes will take effect for taxable years beginning on or after January 1, 2025, potentially providing New York families with more flexible education savings options that now include K-12 educational expenses.

Education

https://www.nysenate.gov/legislation/bills/2025/S388