S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          602
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  Sen. PERALTA -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to  increasing  the  authorized
         resident  taxpayer  contribution to family tuition accounts to $10,000
         per taxable year for each beneficiary thereof
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph  32 of subsection (c) of section 612 of the tax
    2  law, as amended by chapter 81 of the laws of 2008, is amended to read as
    3  follows:
    4    (32) Contributions made during the taxable year by an account owner to
    5  one or more family tuition accounts established under the New York state
    6  college choice tuition savings program provided for under article  four-
    7  teen-A  of  the  education law, to the extent not deductible or eligible
    8  for credit for federal  income  tax  purposes,  provided,  however,  the
    9  exclusion  provided  for in this paragraph; FOR AN INDIVIDUAL OR HEAD OF
   10  HOUSEHOLD, shall not exceed [five] TEN thousand dollars [for an individ-
   11  ual or head of household] FOR THE ACCOUNT OR ACCOUNTS OF EACH DESIGNATED
   12  BENEFICIARY, AS DEFINED IN SECTION  SIX  HUNDRED  NINETY-FIVE-B  OF  THE
   13  EDUCATION LAW, and for married couples who file joint tax returns, shall
   14  not  exceed [ten] TWENTY thousand dollars FOR THE ACCOUNT OR ACCOUNTS OF
   15  EACH  DESIGNATED  BENEFICIARY,  AS  DEFINED  IN  SECTION   SIX   HUNDRED
   16  NINETY-FIVE-B  OF THE EDUCATION LAW; provided, further, that such exclu-
   17  sion shall be available only to the account owner and not to  any  other
   18  person.
   19    S  2. This act shall take effect on the first of January next succeed-
   20  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03297-01-1