Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 07, 2014 |
referred to investigations and government operations |
Senate Bill S6573
2013-2014 Legislative Session
Sponsored By
(R, C, 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
2013-S6573 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S3310
2017-2018: S863
2013-S6573 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6573 TITLE OF BILL: An act to amend the tax law, in relation to increasing a pension exemption PURPOSE: This bill updates the law regarding pensions and annuities. It increases the amount that private-sector pensions and annuities are exempt from the Personal Income Tax to $75,000. SUMMARY OF PROVISIONS: Section 1 amends paragraph 3-a of sub-section (c) of section 612 of the Tax Law. It increases to $75,000 the amount from pensions and annuities received by an individual who has attained the age of fifty-nine and one-half that can be excluded from the calculation of gross income. Specifically, the funds to be excluded must be periodic payments attributable to personal services performed by the individual prior to their retirement. The funds must come from an employer-employee relationship or from contributions to a retirement plan which are deductible for federal income tax purposes. Section 2 provides that this act shall take effect on the first of January next succeeding.
2013-S6573 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6573 I N S E N A T E February 7, 2014 ___________ Introduced by Sen. RITCHIE -- 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 a pension exemption 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] SEVENTY-FIVE thousand dollars, which are periodic payments attributable to personal services performed by such individual prior to his retirement from employment, which arise (i) from an employer-employ- ee 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 internal revenue code, whether or not the payments are periodic in nature. Nevertheless, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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