NY Governor Kathy Hochul recently signed legislation that dramatically expands what 529 funds can be used for. Part of the legislation includes the ability for qualified withdrawals to make payments on student loans as well as allowing rollovers to Roth IRAs for unused funds up to 35K.
Legislation S.9701/A.10209 makes it easier for parents to save for their child’s college tuition by allowing for expanded uses of 529 accounts, in alignment with federal tax law. Legislation S.9018A/A.9855A amends current law to require all school districts containing a high school to establish a process to include at least one ex-officio, non-voting student member on the board of education. The bill also removes the current law requirement that such a student member seat be authorized by referendum of the voters of the district. Legislation S.9016/A.9934 reestablishes the name of the Syracuse Comprehensive Education and Workforce Training Center as the Syracuse Science, Technology, Engineering, Arts and Mathematics (STEAM) High School.
Legislation S.9701/A.10209 amends education law to classify payment of principal or interest on qualified education loans as well as rollovers of funds into Roth Individual Retirement Accounts as qualified withdrawals from New York State College Choice tuition savings accounts, known as “529 accounts.” This will make it easier for people to save for their children’s college by expanding the eligible uses for remaining funds. This change also aligns New York’s law with federal tax laws governing qualified educational expenses from 529 accounts. Research has shown that students with college savings accounts are significantly more likely to attend college than those without. This bill removes a barrier to college savings by ensuring additional allowable uses beyond strictly paying for college expenses.
Legislation S.9018A/A.9855A amends current law to require all school districts outside the City of New York containing a high school and all Boards of Cooperative Educational Services to establish a process to include at least one ex-officio, non-voting student member on the board of education. It would also remove the current law requirement that a student member seat be authorized by referendum of the voters of the district. The bill would also remove the requirement that a student member be a senior at the school and instead require only that the student member have attended the high school for at least one year prior to selection to the board.
Legislation S.9016/A.9934 establishes the official name of the Syracuse Science, Technology, Engineering, Arts and Mathematics High School. The purpose is to update enabling legislation for the Syracuse Regional STEAM school to conform with its intended name and operations.
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