Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Bill S9585
2021-2022 Legislative Session
Sponsored By
There are no sponsors of this bill.
Archive: Last Bill Status -
- Introduced
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- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2021-S9585 (ACTIVE) - Details
2021-S9585 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9585 SPONSOR: LANZA TITLE OF BILL: An act to amend the tax law, in relation to increasing the maximum pension and annuity exclusion from federal adjusted gross income PURPOSE: This bill would increase the maximum pension and annuity exclusion from federal adjusted income to $22,000. SUMMARY OF PROVISIONS: Section one amends paragraph 3-a of subsection (c) of section 612 of the tax law, as amended by section 3 part I of chapter 59 of the laws of 2015. Section two is the effective date.
2021-S9585 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9585 I N S E N A T E October 28, 2022 ___________ Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to increasing the maximum pension and annuity exclusion from federal adjusted gross income 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-TWO 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 (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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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