Assembly Bill A6660A

2017-2018 Legislative Session

Exempts certain retirement plan distributions for income tax purposes

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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

co-Sponsors

2017-A6660 - Details

See Senate Version of this Bill:
S6685
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7592, S5726
2019-2020: A4849, S6370
2021-2022: A848, S2236
2023-2024: A1867

2017-A6660 - Summary

Exempts certain retirement plan distributions for income tax purposes.

2017-A6660 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6660
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2017
                                ___________
 
 Introduced  by  M.  of  A.  JEAN-PIERRE -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to exempting  certain  distrib-
   utions from eligible retirement plans for income tax purposes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 612 of the tax law is amended  by
 adding a new paragraph 42 to read as follows:
   (42)  DISTRIBUTIONS  FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH TERM IS
 DEFINED IN SUBPARAGRAPH (B)  OF  PARAGRAPH  (8)  OF  SUBSECTION  (C)  OF
 SECTION  FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR AFTER
 OCTOBER TWENTY-NINTH, TWO THOUSAND TWELVE. IN  ORDER  TO  BE  SUBTRACTED
 FROM  FEDERAL  ADJUSTED  GROSS  INCOME, THE TAXPAYER'S PRIMARY RESIDENCE
 MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
 DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
 TY-FOUR OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY  RESIDENCE
 WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  beginning on or after January 1, 2018 and shall also apply to all
 other taxable years for which the statute of limitations for  seeking  a
 refund  are  still  open.  The  commissioner  of taxation and finance is
 authorized to promulgate rules and regulations  necessary  to  implement
 this act.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09181-02-7

co-Sponsors

multi-Sponsors

2017-A6660A (ACTIVE) - Details

See Senate Version of this Bill:
S6685
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7592, S5726
2019-2020: A4849, S6370
2021-2022: A848, S2236
2023-2024: A1867

2017-A6660A (ACTIVE) - Summary

Exempts certain retirement plan distributions for income tax purposes.

2017-A6660A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6660--A
                                                         Cal. No. 466
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2017
                                ___________
 
 Introduced  by  M.  of  A.  JEAN-PIERRE,  M. L. MILLER  -- read once and
   referred to the Committee on Ways and Means  --  ordered  to  a  third
   reading,  amended  and  ordered  reprinted, retaining its place on the
   order of third reading

 AN ACT to amend the tax law, in relation to exempting  certain  distrib-
   utions from eligible retirement plans for income tax purposes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 612 of the tax law is amended  by
 adding a new paragraph 44 to read as follows:
   (44)  DISTRIBUTIONS  FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH TERM IS
 DEFINED IN SUBPARAGRAPH (B)  OF  PARAGRAPH  (8)  OF  SUBSECTION  (C)  OF
 SECTION  FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR AFTER
 OCTOBER TWENTY-NINTH, TWO THOUSAND TWELVE. IN  ORDER  TO  BE  SUBTRACTED
 FROM  FEDERAL  ADJUSTED  GROSS  INCOME, THE TAXPAYER'S PRIMARY RESIDENCE
 MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
 DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
 TY-FOUR OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY  RESIDENCE
 WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  beginning on or after January 1, 2019 and shall also apply to all
 other taxable years for which the statute of limitations for  seeking  a
 refund  are  still  open.  The  commissioner  of taxation and finance is
 authorized to promulgate rules and regulations  necessary  to  implement
 this act.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09181-04-8

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