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Senate Bill S1397

2009-2010 Legislative Session

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

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2009-S1397 (ACTIVE) - Details

See Assembly Version of this Bill:
A2155
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S228
2013-2014: S1066
2015-2016: S3653
2017-2018: S9158
2019-2020: S2684
2021-2022: S20
2023-2024: S2329

2009-S1397 (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 taxation when such distributions are used to purchase long-term health care insurance.

2009-S1397 (ACTIVE) - Sponsor Memo

2009-S1397 (ACTIVE) - Bill Text download pdf 

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

                                  1397

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 29, 2009
                               ___________

Introduced  by  Sens.  MAZIARZ,  BONACIC, DeFRANCISCO, FLANAGAN, GOLDEN,
  O. JOHNSON, LARKIN, MORAHAN, SEWARD, VOLKER, WINNER -- read twice  and
  ordered  printed, and when printed to be committed to the Committee on
  Investigations and Government Operations

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.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on January first in the year in which  this  act  shall
take effect and all subsequent taxable years.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01226-01-9

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