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Senate Bill S7333

2013-2014 Legislative Session

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

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Sponsored By

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

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2013-S7333 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S1986
2017-2018: S460
2019-2020: S865

2013-S7333 (ACTIVE) - Summary

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.

2013-S7333 (ACTIVE) - Sponsor Memo

2013-S7333 (ACTIVE) - Bill Text download pdf 

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

                                  7333

                            I N  S E N A T E

                              May 13, 2014
                               ___________

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.
                                                           LBD14948-03-4

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