New York college debt repayment program established for tax-deferred earnings and withdrawals for qualified expenses.
The bill establishes the New York college debt repayment program, allowing residents to create programs for paying off debt incurred by tuition credits or certificates on behalf of designated beneficiaries. Earnings from the program grow federally and state tax-deferred, and withdrawals for qualified expenses are not subject to state or federal income tax. Contributions are limited to cash, and beneficiaries can be changed without tax consequences if the new beneficiary is a family member.
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