New York S06778 increases the tax-free contribution limits for family tuition accounts.

New York S06778 amends the tax law to increase the tax-free contribution limits for family tuition accounts. The bill raises the maximum tax-free contribution to $10,000 for individuals or heads of household and $20,000 for married couples filing jointly. These contributions are exempt from state taxes, provided they are not deductible or eligible for a credit for federal income tax purposes. The changes apply immediately and to taxable years beginning on or after the date the act takes effect.

New York S06778 increases the tax-free contribution limits for family tuition accounts.

New York S06778 amends the tax law to increase the tax-free contribution limits for family tuition accounts. The bill raises the maximum tax-free contribution to $10,000 for individuals or heads of household and $20,000 for married couples filing jointly. These contributions are exempt from state taxes, provided they are not deductible or eligible for a credit for federal income tax purposes. The changes apply immediately and to taxable years beginning on or after the date the act takes effect.