S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6413--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

Introduced  by  M. of A. MAGNARELLI, SKOUFIS, TITONE, STIRPE, GOTTFRIED,
  COOK, MOSLEY, LUPARDO, SKARTADOS, STECK, BENEDETTO, HOOPER,  PICHARDO,
  ARROYO,  SCHIMMINGER, LINARES -- Multi-Sponsored by -- M. of A. BRAUN-
  STEIN, ENGLEBRIGHT, MAGEE, MARKEY, RIVERA, THIELE  --  read  once  and
  referred  to  the  Committee  on  Ways and Means -- recommitted to the
  Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

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-SEVEN THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR  AFTER  JANUARY  FIRST,  TWO  THOUSAND  SIXTEEN, THIRTY-FOUR THOUSAND
DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER  JANUARY  FIRST,  TWO
THOUSAND  SEVENTEEN, 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 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 distrib-
utions 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-05-6
              

A. 6413--A                          2

internal  revenue  code, and distributions received by an individual who
has attained the age of fifty-nine and one-half from self-employed indi-
vidual 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 (D) 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 would otherwise come within
the  meaning  of  the term "pensions and annuities" as set forth in this
paragraph, except that such individual is deceased, such payment  shall,
nevertheless,  be  treated  as a pension or annuity for purposes of this
paragraph if such payment is received by such individual's beneficiary.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have  been in full force and effect on and after the first of January of
the year in which it shall have become a law.

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6413--B

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

Introduced  by  M. of A. MAGNARELLI, SKOUFIS, TITONE, STIRPE, GOTTFRIED,
  COOK, MOSLEY, LUPARDO, SKARTADOS, STECK, BENEDETTO, HOOPER,  PICHARDO,
  ARROYO,  SCHIMMINGER, LINARES -- Multi-Sponsored by -- M. of A. BRAUN-
  STEIN, ENGLEBRIGHT, MAGEE, MARKEY, RIVERA, THIELE  --  read  once  and
  referred  to  the  Committee  on  Ways and Means -- recommitted to the
  Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and  recommitted to said committee -- again reported from said commit-
  tee with amendments, ordered reprinted as amended and  recommitted  to
  said committee

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 SEVENTEEN, THIRTY THOUSAND  DOLLARS
FOR  ANY  TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
EIGHTEEN, THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY  FIRST,  TWO  THOUSAND  NINETEEN,  AND  FORTY  thousand
dollars  IN  EACH SUBSEQUENT YEAR, 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-07-6
              

A. 6413--B                          2

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 (D) 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
would otherwise come within the meaning of the term "pensions and annui-
ties"  as  set  forth  in this paragraph, except that such individual is
deceased, such payment shall, nevertheless, be treated as a  pension  or
annuity  for  purposes  of this paragraph if such payment is received by
such individual's beneficiary.
  S 2. This act shall take effect immediately.