Senate Bill S9158

2017-2018 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 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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2017-S9158 (ACTIVE) - Details

See Assembly Version of this Bill:
A6238
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §§612 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1397
2011-2012: S228, A4149
2013-2014: S1066, A4653
2015-2016: S3653, A5546
2019-2020: S2684, A5754
2021-2022: S20, A6631
2023-2024: S2329

2017-S9158 (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.

2017-S9158 (ACTIVE) - Sponsor Memo

2017-S9158 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9158
 
                             I N  S E N A T E
 
                              August 31, 2018
                                ___________
 
 Introduced  by  Sen.  MAYER  -- 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 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 ONE THOUSAND ONE 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 DISTRIB-
 UTIONS FROM SELF-EMPLOYED INDIVIDUAL AND OWNER-EMPLOYEE RETIREMENT PLANS
 WHICH QUALIFY 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   WHEN  COMPUTING  THE  AMOUNT  OF  ALLOWABLE  CREDIT  PURSUANT  TO
 SUBSECTION (AA) OF SECTION SIX HUNDRED SIX OF THIS ARTICLE.
   § 2. Subsection (aa) of section 606 of the  tax  law,  as  amended  by
 section  1  of  part  P of chapter 61 of the laws of 2005, is amended to
 read as follows:
   (aa) Long-term care insurance credit. (1) Residents. A taxpayer  shall
 be  allowed  a  credit  against the tax imposed by this article equal to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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