Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 08, 2016 |
print number 1986a |
Feb 08, 2016 |
amend and recommit to investigations and government operations |
Jan 06, 2016 |
referred to investigations and government operations |
Jan 21, 2015 |
referred to investigations and government operations |
Senate Bill S1986A
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
Bill Amendments
2015-S1986 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S7333
2017-2018: S460
2019-2020: S865
2015-S1986 - Sponsor Memo
BILL NUMBER:S1986 TITLE OF BILL: An act to amend the tax law, in relation to establishing a personal income tax deduction for certain withdrawals from a 401(k) plan by a taxpayer suffering from a terminal illness PURPOSE OR GENERAL IDEA OF BILL: This bill grants a personal income tax deduction to taxpayers with a terminal illness who withdraw up to 20,000 from their 401(k) account on a hardship basis. SUMMARY OF SPECIFIC PROVISIONS: Section 1 adds a new paragraph 42 to subsection c of section 612 of the tax law to provide that hardship distributions from a retirement account established pursuant to section 401 (K) of the internal revenue code shall be exempt from New York state tax, to the extent includable in federal adjusted gross income, up to a maximum of $20,000. The exemption shall only be available to those who have a medically terminable condition which can be expected to result in death within a period of not more than 12 months. JUSTIFICATION: Federal law governs the granting of 401(k) hardship withdrawals. This
2015-S1986 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1986 2015-2016 Regular Sessions I N S E N A T E January 21, 2015 ___________ Introduced by Sen. YOUNG -- 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 establishing a personal income tax deduction for certain withdrawals from a 401(k) plan by a taxpayer suffering from a terminal illness 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) HARDSHIP DISTRIBUTIONS FROM A RETIREMENT ACCOUNT ESTABLISHED PURSUANT TO SECTION 401(K) OF THE INTERNAL REVENUE CODE TO THE EXTENT INCLUDABLE IN FEDERAL ADJUSTED GROSS INCOME, PROVIDED, HOWEVER, THAT THE EXCLUSION PROVIDED FOR IN THIS PARAGRAPH SHALL NOT EXCEED TWENTY THOU- SAND DOLLARS; PROVIDED, FURTHER, THAT SUCH EXCLUSION SHALL ONLY BE AVAILABLE BY REASON OF A MEDICALLY DETERMINABLE PHYSICAL OR MENTAL IMPAIRMENT OF AN INDIVIDUAL TAXPAYER WHICH CAN BE EXPECTED TO RESULT IN DEATH WITHIN A PERIOD OF NOT MORE THAN TWELVE MONTHS. S 2. This act shall take effect immediately and shall apply to the tax year in which it takes effect and all subsequent tax years. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06203-01-5
2015-S1986A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S7333
2017-2018: S460
2019-2020: S865
2015-S1986A (ACTIVE) - Sponsor Memo
BILL NUMBER: S1986A TITLE OF BILL : An act to amend the tax law, in relation to establishing a personal income tax deduction for certain withdrawals from a 401(k) plan by a taxpayer suffering from a terminal illness PURPOSE OR GENERAL IDEA OF BILL : This bill grants a personal income tax deduction to taxpayers with a terminal illness who withdraw up to 20,000 from their 401(k) account on a hardship basis. SUMMARY OF SPECIFIC PROVISIONS : Section 1 adds a new paragraph 44 to subsection c of section 612 of the tax law to provide that hardship distributions from a retirement account established pursuant to section 401 (K) of the internal revenue code shall be exempt from New York state tax, to the extent includable in federal adjusted gross income, up to a maximum of $20,000. The exemption shall only be available to those who have a medically terminable condition which can be expected to result in death within a period of not more than 12 months. JUSTIFICATION : Federal law governs the granting of 401(k) hardship withdrawals. This
2015-S1986A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1986--A 2015-2016 Regular Sessions I N S E N A T E January 21, 2015 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- 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 establishing a personal income tax deduction for certain withdrawals from a 401(k) plan by a taxpayer suffering from a terminal illness 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) HARDSHIP DISTRIBUTIONS FROM A RETIREMENT ACCOUNT ESTABLISHED PURSUANT TO SECTION 401(K) OF THE INTERNAL REVENUE CODE TO THE EXTENT INCLUDABLE IN FEDERAL ADJUSTED GROSS INCOME, PROVIDED, HOWEVER, THAT THE EXCLUSION PROVIDED FOR IN THIS PARAGRAPH SHALL NOT EXCEED TWENTY THOU- SAND DOLLARS; PROVIDED, FURTHER, THAT SUCH EXCLUSION SHALL ONLY BE AVAILABLE BY REASON OF A MEDICALLY DETERMINABLE PHYSICAL OR MENTAL IMPAIRMENT OF AN INDIVIDUAL TAXPAYER WHICH CAN BE EXPECTED TO RESULT IN DEATH WITHIN A PERIOD OF NOT MORE THAN TWELVE MONTHS. S 2. This act shall take effect immediately and shall apply to the tax year in which it takes effect and all subsequent tax years. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06203-02-6
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