Senate Bill S2903C

2015-2016 Legislative Session

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

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Archive: Last Bill Status - In Assembly 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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Bill Amendments

2015-S2903 - Details

See Assembly Version of this Bill:
A6413
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

2015-S2903 - 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 2017, $30,000 in 2018, $35,000 in 2019 and $40,000 for each subsequent year.

2015-S2903 - Sponsor Memo

2015-S2903 - Bill Text download pdf 

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

                                  2903

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- 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] FORTY 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-01-5

co-Sponsors

2015-S2903A - Details

See Assembly Version of this Bill:
A6413
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

2015-S2903A - 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 2017, $30,000 in 2018, $35,000 in 2019 and $40,000 for each subsequent year.

2015-S2903A - Sponsor Memo

2015-S2903A - Bill Text download pdf 

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

                                 2903--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  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 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] TWENTY-SEVEN THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR  AFTER  JANUARY  FIRST,  TWO  THOUSAND  FIFTEEN, THIRTY-FOUR THOUSAND
DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER  JANUARY  FIRST,  TWO
THOUSAND  SIXTEEN,  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
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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-02-5

co-Sponsors

2015-S2903B - Details

See Assembly Version of this Bill:
A6413
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

2015-S2903B - 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 2017, $30,000 in 2018, $35,000 in 2019 and $40,000 for each subsequent year.

2015-S2903B - Sponsor Memo

2015-S2903B - Bill Text download pdf 

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

                                 2903--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sens.  FARLEY,  AMEDORE, CROCI, FELDER, FLANAGAN, FUNKE,
  GOLDEN, GRIFFO, HANNON, LANZA, LITTLE, MARCHIONE, MURPHY, RANZENHOFER,
  ROBACH, YOUNG -- read twice and ordered printed, and when  printed  to
  be  committed  to the Committee on Investigations and Government Oper-
  ations -- committee discharged, bill  amended,  ordered  reprinted  as
  amended  and  recommitted  to  said  committee  --  recommitted to the
  Committee on Investigations and Government  Operations  in  accordance
  with  Senate  Rule  6,  sec.  8 -- 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-04-6

co-Sponsors

2015-S2903C (ACTIVE) - Details

See Assembly Version of this Bill:
A6413
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

2015-S2903C (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 2017, $30,000 in 2018, $35,000 in 2019 and $40,000 for each subsequent year.

2015-S2903C (ACTIVE) - Sponsor Memo

2015-S2903C (ACTIVE) - Bill Text download pdf 

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

                                 2903--C
    Cal. No. 909

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sens.  FARLEY, SERINO, AKSHAR, AMEDORE, AVELLA, BONACIC,
  BOYLE, CARLUCCI, CROCI, DeFRANCISCO, FELDER, FLANAGAN,  FUNKE,  GALLI-
  VAN,  GOLDEN, GRIFFO, KLEIN, LANZA, LARKIN, LAVALLE, LITTLE, MARCELLI-
  NO, MARCHIONE, MARTINS, MURPHY, NOZZOLIO, O'MARA,  ORTT,  RANZENHOFER,
  RITCHIE,  ROBACH,  SAVINO,  SEWARD,  VALESKY,  VENDITTO, YOUNG -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee  on  Investigations  and  Government Operations -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee -- recommitted to the  Committee  on  Investigations
  and  Government Operations in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted  to said committee -- reported favorably from said commit-
  tee and committed to the Committee on Finance  --  reported  favorably
  from  said  committee,  ordered to first and second report, amended on
  second report, ordered to a third reading,  and  to  be  reprinted  as
  amended, retaining its place in the order of third reading

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

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

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