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Assembly Bill A6413B

2015-2016 Legislative Session

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

multi-Sponsors

2015-A6413 - Details

See Senate Version of this Bill:
S2903
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A690, S414
2019-2020: A6213, S697
2021-2022: A1357, S3343
2023-2024: A208, S2047
2025-2026: A259, S2571

2015-A6413 - Summary

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2017, $30,000 in 2018, $35,000 in 2019 and $40,000 for each subsequent year.

2015-A6413 - Bill Text download pdf 

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

                                  6413

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
  Committee on Ways and Means

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] TWENTY-SEVEN THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY  FIRST,  TWO  THOUSAND  FIFTEEN,  THIRTY-FOUR  THOUSAND
DOLLARS  FOR  ANY  TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO
THOUSAND SIXTEEN, AND FORTY thousand dollars IN  EACH  SUBSEQUENT  YEAR,
which  are periodic payments attributable 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  distrib-
utions  received by an individual who has attained the age of fifty-nine
and one-half from an individual  retirement  account  or  an  individual
retirement  annuity,  as  defined  in  section four hundred eight of the
internal revenue code, and distributions received by an  individual  who
has attained the age of fifty-nine and one-half from self-employed indi-
vidual  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. Nevertheless, the term "pensions and
annuities" shall not include any lump sum distribution,  as  defined  in

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-03-5

co-Sponsors

multi-Sponsors

2015-A6413A - Details

See Senate Version of this Bill:
S2903
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A690, S414
2019-2020: A6213, S697
2021-2022: A1357, S3343
2023-2024: A208, S2047
2025-2026: A259, S2571

2015-A6413A - Summary

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2017, $30,000 in 2018, $35,000 in 2019 and $40,000 for each subsequent year.

2015-A6413A - Bill Text download pdf 

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

                                 6413--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

Introduced  by  M. of A. MAGNARELLI, SKOUFIS, TITONE, STIRPE, GOTTFRIED,
  COOK, MOSLEY, LUPARDO, SKARTADOS, STECK, BENEDETTO, HOOPER,  PICHARDO,
  ARROYO,  SCHIMMINGER, LINARES -- Multi-Sponsored by -- M. of A. BRAUN-
  STEIN, ENGLEBRIGHT, MAGEE, MARKEY, RIVERA, THIELE  --  read  once  and
  referred  to  the  Committee  on  Ways and Means -- recommitted to the
  Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

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  section  3 of part I of chapter 59 of the laws of
2015, 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] TWENTY-SEVEN THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR  AFTER  JANUARY  FIRST,  TWO  THOUSAND  SIXTEEN, THIRTY-FOUR THOUSAND
DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER  JANUARY  FIRST,  TWO
THOUSAND  SEVENTEEN, AND FORTY thousand dollars IN EACH SUBSEQUENT YEAR,
which are periodic payments attributable 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 distrib-
utions received by an individual who has attained the age of  fifty-nine
and  one-half  from  an  individual  retirement account or an individual
retirement annuity, as defined in section  four  hundred  eight  of  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-05-6

co-Sponsors

multi-Sponsors

2015-A6413B (ACTIVE) - Details

See Senate Version of this Bill:
S2903
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A690, S414
2019-2020: A6213, S697
2021-2022: A1357, S3343
2023-2024: A208, S2047
2025-2026: A259, S2571

2015-A6413B (ACTIVE) - Summary

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2017, $30,000 in 2018, $35,000 in 2019 and $40,000 for each subsequent year.

2015-A6413B (ACTIVE) - Bill Text download pdf 

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

                                 6413--B

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

Introduced  by  M. of A. MAGNARELLI, SKOUFIS, TITONE, STIRPE, GOTTFRIED,
  COOK, MOSLEY, LUPARDO, SKARTADOS, STECK, BENEDETTO, HOOPER,  PICHARDO,
  ARROYO,  SCHIMMINGER, LINARES -- Multi-Sponsored by -- M. of A. BRAUN-
  STEIN, ENGLEBRIGHT, MAGEE, MARKEY, RIVERA, THIELE  --  read  once  and
  referred  to  the  Committee  on  Ways and Means -- recommitted to the
  Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and  recommitted to said committee -- again reported from said commit-
  tee with amendments, ordered reprinted as amended and  recommitted  to
  said committee

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  section  3 of part I of chapter 59 of the laws of
2015, 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]  TWENTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, THIRTY THOUSAND  DOLLARS
FOR  ANY  TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
EIGHTEEN, THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY  FIRST,  TWO  THOUSAND  NINETEEN,  AND  FORTY  thousand
dollars  IN  EACH SUBSEQUENT YEAR, 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-07-6

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