Establishes the New York college debt repayment program

This bill creates a new state program that allows New York residents to set up accounts to pay for college expenses for themselves or family members. The program lets people contribute money to help cover tuition, room and board, books, and other qualified education costs for a designated beneficiary. Funds in the accounts grow without state or federal taxes, and withdrawals used for qualified education expenses are also tax-free. The bill defines who can contribute, what expenses qualify, and includes rules about how contributions and distributions are taxed. It also requires that contributions be made in cash and allows account holders to direct investments up to two times per year.