Senate Bill S2047

2023-2024 Legislative Session

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater

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Sponsored By

Current Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S2047 (ACTIVE) - Details

See Assembly Version of this Bill:
A208
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S2903, A6413
2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357

2023-S2047 (ACTIVE) - Summary

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2025, $30,000 in 2026, $35,000 in 2027 and $40,000 for each subsequent year.

2023-S2047 (ACTIVE) - Sponsor Memo

2023-S2047 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2047
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 18, 2023
                                ___________
 
 Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation to increasing the exemption for
   pensions and annuities for certain persons

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph 3-a of subsection (c) of section 612 of the tax
 law, as amended by section 3 of part I of chapter  59  of  the  laws  of
 2015, is amended to read as follows:
   (3-a)  Pensions  and  annuities  received  by  an  individual  who has
 attained the age of fifty-nine  and  one-half,  not  otherwise  excluded
 pursuant to paragraph three of this subsection, to the extent includible
 in  gross  income  for federal income tax purposes, but not in excess of
 [twenty] TWENTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING  ON
 OR  AFTER  JANUARY  FIRST,  TWO  THOUSAND  TWENTY-FIVE,  THIRTY THOUSAND
 DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER  JANUARY  FIRST,  TWO
 THOUSAND  TWENTY-SIX,  THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR
 BEGINNING ON OR AFTER JANUARY  FIRST,  TWO  THOUSAND  TWENTY-SEVEN,  AND
 FORTY  thousand  dollars  IN  EACH  SUBSEQUENT  YEAR, which are periodic
 payments attributable to personal services performed by such  individual
 prior to his retirement from employment, which arise (i) from an employ-
 er-employee relationship or (ii) from contributions to a retirement plan
 which  are deductible for federal income tax purposes. However, the term
 "pensions and annuities" shall also include distributions received by an
 individual who has attained the age of fifty-nine and one-half  from  an
 individual  retirement  account  or an individual retirement annuity, as
 defined in section four hundred eight of the internal revenue code,  and
 distributions  received  by  an  individual  who has attained the age of
 fifty-nine and one-half from self-employed individual and owner-employee
 retirement plans which qualify under section four  hundred  one  of  the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00304-01-3
              

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