| Date of Action |
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
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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