Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 25, 2012 |
referred to investigations and government operations |
Senate Bill S6317
2011-2012 Legislative Session
Sponsored By
(R, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
co-Sponsors
(R, C, IP) Senate District
(R, C, IP) Senate District
2011-S6317 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง612, Tax L
- Versions Introduced in 2013-2014 Legislative Session:
-
S1661
2011-S6317 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6317 TITLE OF BILL: An act to amend the tax law, in relation to increasing the exemption for pensions and annuities for certain persons PURPOSE OR GENERAL IDEA OF BILL: To ensure that the tax law regarding pensions and annuities is current and reflects a more realistic exemption by raising the ceiling from the first twenty-thousand to fifty- thousand dollars to be tax exempt. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section 612, paragraph 3-a of sub-section (c) of the tax law by omitting twenty and adding fifty pensions and annuities received by an individual who has attained the age of fifty-nine and one-half, to the extent includible in gross income not in excess of fifty thousand dollars. Specifically periodic payments that come from a contribution to an employment based retirement plan or an individual annuity plan which are deductible for federal income tax purposes. JUSTIFICATION:
2011-S6317 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6317 I N S E N A T E January 25, 2012 ___________ Introduced by Sen. GRISANTI -- 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 chapter 760 of the laws of 1992, 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] FIFTY thousand dollars, which are periodic payments attribut- able to personal services performed by such individual prior to his retirement from employment, which arise (i) from an employer-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 individ- ual who has attained the age of fifty-nine and one-half from an individ- ual retirement account or an individual retirement annuity, as defined in section four hundred eight of the internal revenue code, and distrib- utions 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 internal revenue code, whether or not the payments are periodic in nature. Never- theless, the term "pensions and annuities" shall not include any lump sum distribution, as defined in subparagraph (A) of paragraph four of subsection (e) of section four hundred two of the internal revenue code and taxed under section six hundred three of this article. Where a husband and wife file a joint state personal income tax return, the modification provided for in this paragraph shall be computed as if they were filing separate state personal income tax returns. Where a payment EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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