senate Bill S1066

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

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

Co-Sponsors

S1066 - Details

See Assembly Version of this Bill:
A4653
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง612 & 606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S228A, A4149A
2009-2010: S1397, A2155

S1066 - 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.

S1066 - Sponsor Memo

S1066 - Bill Text download pdf

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

                                  1066

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sens. MAZIARZ, BONACIC, DeFRANCISCO, LARKIN -- 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.
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.

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

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