Bill > S01145

This bill increases the maximum tax deduction for contributions to family tuition accounts under the New York State College Choice Tuition Savings Program. Currently, individual taxpayers and heads of household can deduct up to $5,000 in contributions to these accounts, and married couples filing joint tax returns can deduct up to $10,000. The bill would double these limits, allowing individual taxpayers and heads of household to deduct up to $10,000 and married couples filing jointly to deduct up to $20,000. The deduction is only available to the account owner and applies to contributions made during the taxable year that are not already deductible or eligible for credit on federal income tax returns. The bill would take effect on the first day of January following its enactment, providing New York state taxpayers with a larger tax benefit for saving for higher education expenses through these state-sponsored tuition savings accounts.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1145