Bill
S 388
Bill S 388 expands New York's College Choice Tuition Savings Program to cover elementary and secondary education, helping families save for all educational expenses.
Bill Number: S 388
Title: Amends the New York State College Choice Tuition Savings Program to Include Elementary and Secondary Schools
Status: Referred to Higher Education
Introduced: January 08, 2025
Classification: Bill
Bill S 388 aims to expand the New York State College Choice Tuition Savings Program, which currently focuses on higher education, to also encompass elementary and secondary education. The intent is to provide families with greater flexibility and options for saving for educational expenses at all levels of schooling, thereby promoting educational savings and financial planning for parents and guardians.
Expansion of Eligibility: The bill modifies the existing College Choice Tuition Savings Program to allow contributions to be used for qualified expenses related to elementary and secondary education, in addition to college tuition.
Qualified Expenses: The bill specifies that the funds can be utilized for tuition, fees, and other related educational costs at eligible elementary and secondary schools, which may include private, charter, and public institutions.
Tax Incentives: Similar to the current provisions for college savings, the bill may offer tax benefits for contributions made to these savings accounts, encouraging families to save for their children's education at all levels.
Families: Parents and guardians of children in elementary and secondary schools will benefit from the expanded savings options, allowing them to better prepare financially for their children's educational needs.
Educational Institutions: Schools that qualify under the new provisions will see increased funding opportunities as families utilize these savings accounts for tuition and other educational expenses.
State Government: The state may experience changes in tax revenue due to the introduction of new tax incentives associated with the expanded program.
Current Status: As of January 8, 2025, the bill has been referred to the Higher Education Committee for further consideration.
Related Legislation: This bill is related to prior-session bills S 4605 and S 4798, as well as companion bill A 5788, which may address similar issues or provide additional context for the proposed changes.
Bill S 388 represents a significant shift in New York's approach to educational savings, aiming to support families in funding both elementary and secondary education. By broadening the scope of the College Choice Tuition Savings Program, the bill seeks to enhance educational opportunities and financial planning for families across the state. Further discussions and evaluations will take place as the bill moves through the legislative process.
Compiled from official sources — confirm details with the bill’s official record.
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