Bill > S06778

This bill increases the tax-exempt contribution limits for 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 in contributions. These contributions must be to New York state college tuition savings accounts and can only be deducted by the account owner, not by any other person. The changes will apply to the taxable year in which the bill takes effect and to subsequent taxable years. This modification aims to provide more generous tax benefits for New York residents saving for higher education expenses through the state's tuition savings program.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S6778