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A07652 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                      May 19, 2021
        Introduced  by M. of A. GUNTHER -- (at request of the State Comptroller)
          -- read once and referred to the Committee on Mental Health
        AN ACT to amend the mental hygiene law, in  relation  to  the  residency
          requirement for designated beneficiaries of the ABLE program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 4 of section 84.03 of the mental  hygiene  law,
     2  as  added  by  chapter  576  of  the laws of 2015, is amended to read as
     3  follows:
     4    4. "Designated beneficiary" shall mean, with respect to an account  or
     5  accounts,  any  individual  who  is  an "eligible individual" as defined
     6  under paragraph (1) of subsection (e) of section 529A  of  the  Internal
     7  Revenue  Code of 1986, as amended, or any regulations promulgated there-
     8  under and whose qualified expenses are expected  to  be  paid  from  the
     9  account  or  accounts.  [A designated beneficiary shall be a resident of
    10  New York state or a resident of a state that: (a) does not have a quali-
    11  fied ABLE program recognized under section 529-A of the Internal Revenue
    12  Code of 1986, as amended; and (b) has entered into a contract  with  New
    13  York  state to provide residents of the contracting state with access to
    14  New York state's ABLE program.]
    15    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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