New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 2. Department of Audit and Control |
Chapter IV. Miscellaneous Rules |
Part 151. The New York State College Choice Tuition Savings Program |
Sec. 151.4. Penalty
Latest version.
- A penalty shall be withheld, and paid to the trust fund, from any early withdrawal from an account, in an amount equal to ten percent of the portion of the withdrawal constituting earnings, except for withdrawals made as a result of the death or disability of a designated beneficiary or a withdrawal made on account of a scholarship awarded to the designated beneficiary.