Increases tax free contributions to family tuition accounts

This bill (S 6778) increases New York State's tax-free contribution limits for family tuition accounts under the College Choice Tuition Savings Program. It raises the annual limit from $5,000 to $10,000 for individuals or heads of household, and from $10,000 to $20,000 for married couples filing jointly. The change applies only to state income tax (not federal tax) and is available solely to the account owner. The policy takes effect immediately for the current tax year.