Assembly Bill A4653

2013-2014 Legislative Session

Grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance

download bill text pdf

Sponsored By

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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2013-A4653 (ACTIVE) - Details

See Senate Version of this Bill:
S1066
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§612 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1397
2011-2012: A4149, S228
2015-2016: A5546, S3653
2017-2018: A6238, S9158
2019-2020: A5754, S2684
2021-2022: A6631, S20
2023-2024: S2329

2013-A4653 (ACTIVE) - Summary

Grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance; exempts distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance.

2013-A4653 (ACTIVE) - Bill Text download pdf

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

                                  4653

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 7, 2013
                               ___________

Introduced  by M. of A. ENGLEBRIGHT, HEASTIE, ABBATE, CAHILL, MAGNARELLI
  -- Multi-Sponsored by -- M.  of  A.  ARROYO,  BOYLAND,  COLTON,  COOK,
  JACOBS,  MARKEY,  PEOPLES-STOKES, PERRY, RIVERA, SCHIMMINGER, SWEENEY,
  WEISENBERG -- read once and referred to  the  Committee  on  Ways  and
  Means

AN ACT to amend the tax law, in relation to exempting distributions from
  individual  retirement  accounts  and  individual retirement annuities
  from state personal income taxation when such distributions  are  used
  to purchase long-term health care insurance

  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 3-d to read as follows:
  (3-D)  DISTRIBUTIONS RECEIVED BY AN INDIVIDUAL, NOT OTHERWISE EXCLUDED
PURSUANT TO PARAGRAPH THREE OR THREE-A OF THIS SUBSECTION, TO THE EXTENT
INCLUDABLE IN GROSS INCOME FOR FEDERAL INCOME TAX  PURPOSES,  WHICH  ARE
ATTRIBUTABLE  TO  PERSONAL  SERVICES  PERFORMED  BY SUCH INDIVIDUAL 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, TO THE EXTENT SUCH DISTRIBUTIONS  ARE  USED
DURING  THE  TAXABLE  YEAR TO PURCHASE A POLICY OF LONG-TERM CARE INSUR-
ANCE, AS DEFINED IN SECTION ELEVEN HUNDRED SEVENTEEN  OF  THE  INSURANCE
LAW,  FOR  SUCH  INDIVIDUAL  OR  A  DEPENDENT  OF  SUCH INDIVIDUAL. SUCH
DISTRIBUTIONS SHALL INCLUDE DISTRIBUTIONS FROM AN INDIVIDUAL  RETIREMENT
ACCOUNT  OR AN INDIVIDUAL RETIREMENT ANNUITY, AS DEFINED IN SECTION FOUR
HUNDRED EIGHT OF THE  INTERNAL  REVENUE  CODE,  AND  DISTRIBUTIONS  FROM
SELF-EMPLOYED INDIVIDUAL AND OWNER-EMPLOYEE RETIREMENT PLANS WHICH QUAL-
IFY  UNDER  SECTION  FOUR  HUNDRED  ONE  OF  THE  INTERNAL REVENUE CODE.
PROVIDED, HOWEVER, THAT ANY  DISTRIBUTIONS  EXCLUDED  PURSUANT  TO  THIS
PARAGRAPH  SHALL  BE  SUBTRACTED  FROM THE TOTAL AMOUNT OF PREMIUMS PAID

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02081-01-3

              

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