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529 News

New York 529 plans to accept contributions from nonowners

(May 27, 2008) - New York Governor David Paterson has signed legislation (S 6776) removing the requirement that only account owners could make contributions to a New York 529 plan. The state had received repeated complaints about the restrictive policy and the new law places New York's 529 plan on par with policies in other states.

A nonowner may not claim a New York State income tax deduction for his or her contribution.

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