N.Y. Comp. Codes R. & Regs. tit. 2 § 151.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 151.3 - Maximum contributions

(a) The aggregate amount of contributions that can be made under the program for any designated beneficiary shall not exceed $100,000, the amount established by section 695-e(14)(a) of the Education Law. The qualified higher education expenses of a four year undergraduate education at an accredited private educational institution located in New York, attendance at which is among the most costly, are currently in excess of the $100,000 limit on contributions. If the Comptroller and HESC jointly determine that qualified higher education expenses of a four year undergraduate education at an accredited private educational institution located in New York, attendance at which is among the most costly, are less than $100,000, they shall reduce the limit on the aggregate amount of contributions to the amount so determined to ensure continuous compliance with section 529(b)(7) of the code and the treasury regulations thereunder. If the permissible aggregate amount of contributions is so reduced, notice of such reduction shall be provided to account owners not less than six months prior to the effective date of the reduction.

(b) The program manager shall monitor contributions so as to prevent contributions to any account for a designated beneficiary when the cumulative contributions to all accounts for such designated beneficiary equal $100,000. Any amount tendered as a contribution, or portion of a contribution, that if accepted as a contribution would cause aggregate contributions for any designated beneficiary to be in excess of $100,000 shall be rejected as a contribution, and shall be directly returned by the program manager to the account owner.

(c) Transfers will not be permitted to the extent that they would cause the aggregate contributions for all accounts for the same designated beneficiary to exceed $100,000.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 151.3