Increases the contribution that a resident taxpayer may make to family tuition accounts during a taxable year.
Summary
Bill S01145 proposes an amendment to the New York tax law that increases the maximum allowable contributions that resident taxpayers can make to family tuition accounts under the New York state college choice tuition savings program. Specifically, the bill raises the contribution limit from $5,000 to $10,000 for individuals and from $10,000 to $20,000 for married couples filing jointly. This change aims to provide greater financial support for families saving for college expenses.
Impact
If enacted, this bill will modify existing tax law to allow for higher contributions to family tuition accounts, potentially encouraging more families to save for higher education. The increase in contribution limits may lead to greater participation in the college savings program, thereby impacting the financial landscape for education funding in New York. It may also affect state revenue through changes in tax deductions available to families.
Sentiment
The sentiment surrounding Bill S01145 appears to be positive, as indicated by the unanimous support in committee votes, with both votes showing 7 yeas and 0 nays. This suggests a strong consensus among committee members regarding the benefits of increasing the contribution limits for family tuition accounts.
Contention
There are no notable points of contention reported in the discussions or voting history for this bill. The unanimous support in committee votes indicates that there are no significant opposing views among the legislators regarding the proposed changes.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.