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A10209 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 10209 IN ASSEMBLY May 13, 2024 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. McDonald) -- (at request of the State Comptroller) -- read once and referred to the Committee on Higher Education AN ACT to amend the education law, in relation to the New York state college choice tuition savings program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 9 of section 695-b of the education law, as 2 amended by chapter 535 of the laws of 2000, is amended to read as 3 follows: 4 9. "Qualified withdrawal" shall mean a withdrawal from an account: 5 a. to pay the qualified higher education expenses of the designated 6 beneficiary of the account at an eligible educational institution; 7 b. to pay principal and interest on any qualified education loan as 8 provided for in section 529(c)(9) of the Internal Revenue Code of 1986, 9 as amended; and 10 c. to make a rollover to a Roth Individual Retirement Account as 11 provided for in section 529(c)(3)(E) of the Internal Revenue Code of 12 1986, as amended. 13 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14892-02-4