Bill Text: NY S08334 | 2017-2018 | General Assembly | Introduced
Bill Title: Allows withdrawals from family tuition accounts to pay for substance abuse rehabilitation for the designated beneficiary.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2018-05-02 - REFERRED TO HIGHER EDUCATION [S08334 Detail]
Download: New_York-2017-S08334-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8334 IN SENATE May 2, 2018 ___________ Introduced by Sens. MURPHY, AMEDORE -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation family tuition account withdrawals for substance abuse rehabilitation The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 5 of section 695-e of the education law, as 2 amended by chapter 593 of the laws of 2003, is amended to read as 3 follows: 4 5. a. An account owner may withdraw all or part of the balance from an 5 account on sixty days notice or such shorter period as may be authorized 6 under rules governing the program. Such rules shall include provisions 7 that will generally enable the determination as to whether a withdrawal 8 is a nonqualified withdrawal or a qualified withdrawal. 9 b. For purposes of this subdivision, a qualified withdrawal shall 10 include a withdrawal in which the account owner withdraws all or part of 11 a balance from an account to fund an alcohol or substance abuse rehabil- 12 itation program for the designated beneficiary. Such program shall 13 consist of at least fifteen hours and include, but need not be limited 14 to, classroom instruction in areas deemed suitable by the commissioner. 15 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15624-01-8