529 News

New York 529 plan is improved

(September 29, 2003) - New York Gov. George Pataki on September 22 signed into law a bill (S5164) that makes several helpful changes to the state's 529 savings program. These changes are effective immediately:

1) The account owner no longer has to be an individual but now can also be a legal entity such as a partnership or corporation. The New York deduction for contributions is only for individuals, however.

2) Unnecessary documentation procedures for withdrawals are removed.

3) The cumulative contribution limit of $100,000 has been removed, leaving in place the account balance limit of $235,000.

4) The 36-month minimum holding period requirement has been eliminated.

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