Bill > A05788

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 multiple sections of existing law to remove the term "college choice" from the program's name and broaden its purpose. Specifically, the bill updates 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 changes also affect tax-related provisions, allowing account owners to make contributions and receive tax benefits for tuition savings accounts that can now be used for K-12 education expenses. The bill maintains the existing tax deduction limits of $5,000 for individuals and $10,000 for married couples filing jointly. The modifications aim to provide more flexibility for families saving for educational expenses across different school levels. The changes will take effect for taxable years beginning on or after January 1, 2025, giving families and financial planners time to adjust to the expanded tuition savings program.

Education

https://www.nysenate.gov/legislation/bills/2025/A5788