Assembly Bill A7973

2023-2024 Legislative Session

Includes retirement plans in the exemption for pensions and annuities for certain persons and increases such exemption

download bill text pdf

Sponsored By

Current 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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2023-A7973 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2023-A7973 (ACTIVE) - Summary

Includes retirement plans in the exemption for pensions and annuities for certain persons; increases such exemption to one hundred thousand dollars as adjusted by the consumer price index annually.

2023-A7973 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7973
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 18, 2023
                                ___________
 
 Introduced by M. of A. SLATER -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to amend the tax law, in relation to including retirement plans
   in the exemption for pensions and annuities for certain persons and to
   increasing such 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 section 3 of part I of chapter  59  of  the  laws  of
 2015, is amended to read as follows:
   (3-a) Pensions [and], annuities AND OTHER RETIREMENT PLANS 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  FOR  ANY  TAXABLE
 YEAR  BEGINNING ON OR AFTER JANUARY  FIRST,  TWO  THOUSAND  TWENTY-FIVE,
 SIXTY THOUSAND DOLLARS  FOR  ANY   TAXABLE YEAR BEGINNING  ON  OR  AFTER
 JANUARY  FIRST, TWO THOUSAND TWENTY-SIX, EIGHTY THOUSAND DOLLARS FOR ANY
 TAXABLE  YEAR  BEGINNING  ON  OR  AFTER   JANUARY   FIRST, TWO  THOUSAND
 TWENTY-SEVEN,  ONE  HUNDRED thousand dollars FOR ANY TAXABLE YEAR BEGIN-
 NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT, MULTIPLIED BY
 ONE PLUS THE PERCENTAGE BY  WHICH  THE  CONSUMER  PRICE  INDEX  FOR  THE
 PRECEDING CALENDAR YEAR EXCEEDS THE CONSUMER PRICE INDEX FOR THE TAXABLE
 YEAR  BEGINNING  ON  OR  AFTER JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT,
 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.
                                                            LBD11929-02-3
              

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