|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Jan 09, 2013||referred to investigations and government operations|
senate Bill S1661
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1661 - Details
- Current Committee:
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
S1661 - Summary
Increases the tax exemption for pensions and annuities for persons age fifty-nine and one half or greater from $20,000 to $50,000.
S1661 - Sponsor Memo
BILL NUMBER:S1661 TITLE OF BILL: An act to amend the tax law, in relation to increasing the exemption for pensions and annuities for certain persons TITLE OF BILL: An act to amend the tax law, in relation to increasing the exemption for pensions and annuities for certain persons PURPOSE OR GENERAL IDEA OF BILL: To ensure that the tax law regarding pensions and annuities is current and reflects a more realistic exemption by raising the ceiling from the first twenty-thousand to fifty- thousand dollars to be tax exempt. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section 612, paragraph 3-a of sub-section (c) of the tax law by omitting twenty and adding fifty pensions and annuities received by an individual who has attained the age of fifty-nine and one-half, to the extent includible in gross income not in excess of fifty thousand dollars. Specifically periodic payments that come from a contribution to an employment based retirement plan or an individual annuity plan which are deductible for federal income tax
S1661 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1661 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. GRISANTI -- 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 increasing the exemption for pensions and annuities for certain persons THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3-a of subsection (c) of section 612 of the tax law, as amended by chapter 760 of the laws of 1992, is amended to read as follows: (3-a) Pensions and annuities received by an individual who has attained the age of fifty-nine and one-half, not otherwise excluded pursuant to paragraph three of this subsection, to the extent includible in gross income for federal income tax purposes, but not in excess of [twenty] FIFTY thousand dollars, which are periodic payments attribut- able to personal services performed by such individual prior to his retirement 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. However, the term "pensions and annuities" shall also include distributions received by an individ- ual who has attained the age of fifty-nine and one-half from an individ- ual retirement account or an individual retirement annuity, as defined in section four hundred eight of the internal revenue code, and distrib- utions received by an individual who has attained the age of fifty-nine and one-half from self-employed individual and owner-employee retirement plans which qualify under section four hundred one of the internal revenue code, whether or not the payments are periodic in nature. Never- theless, the term "pensions and annuities" shall not include any lump sum distribution, as defined in subparagraph (A) of paragraph four of subsection (e) of section four hundred two of the internal revenue code EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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