New York legislation · 2025-2026 General Assembly
New York A11594: Establishes state-facilitated investment accounts for individuals under the age of eighteen
Status: In committee, June 5, 2026
Establishes state-facilitated investment accounts for individuals under the age of eighteen; creates a tax deduction for certain contributions to such investment accounts.
What the bill says
An act to amend the economic development law, the tax law and the state finance law, in relation to establishing state-facilitated investment accounts for individuals under the age of eighteen.
From the introduced text, June 5, 2026:
AN ACT to amend the economic development law, the tax law and the state finance law, in relation to establishing state-facilitated investment accounts for individuals under the age of eighteen THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "New York State Securing Early Equity and Development (NYS SEED) Program". § 2. Legislative intent. This act intends to promote financial security, economic mobility, and long-term wealth accumulation among New Yorkers by expanding access to tax-advantaged saving and investment accounts for newborn children. By fostering early asset building and personal investment, this act aims to strengthen financial independence, better align tax incentives with long-term savings goals, and cultivate a culture of financial empowerment. § 3. The economic development law is amended by adding a new article 29 to read as follows: ARTICLE 29 NEW YORK STATE SECURING EARLY EQUITY AND DEVELOPMENT (SEED) PROGRAM SECTION 508. PROGRAM ESTABLISHED. 509. PURPOSES. 510. DEFINITIONS. 511. FUNCTIONS OF THE COMPTROLLER. 512. POWERS OF THE COMPTROLLER. 513. PROGRAM REQUIREMENTS; NY SEED ACCOUNT. 514. PROGRAM LIMITATIONS; NY SEED ACCOUNT. 515. REPORTING REQUIREMENTS. § 508. PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED WITHIN NEW YORK STATE A PILOT PROGRAM TO BE KNOWN AS THE "SECURING EARLY …
Sponsors
- Philip Palmesano (R, 132) · primary sponsor
Latest actions
- : REFERRED TO WAYS AND MEANS
Subjects: Economic Development Law
Common questions
- What is A11594?
- A11594 is a bill in the New York Legislature (2025-2026 General Assembly): Establishes state-facilitated investment accounts for individuals under the age of eighteen.
- What does A11594 do?
- In its own words: An act to amend the economic development law, the tax law and the state finance law, in relation to establishing state-facilitated investment accounts for individuals under the age of eighteen.
- What is the status of A11594?
- In committee as of June 5, 2026. Latest action: REFERRED TO WAYS AND MEANS (June 5, 2026).
- Who sponsored A11594?
- Philip Palmesano (R, 132).
- Where is the official record for A11594?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/A11594
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.