Assembly Bill A7592A

2015-2016 Legislative Session

Exempts certain retirement plan distributions for income tax purposes

download bill text pdf

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

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-A7592 - Details

See Senate Version of this Bill:
S5726
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6660, S6685
2019-2020: A4849, S6370
2021-2022: A848, S2236
2023-2024: A1867

2015-A7592 - Summary

Exempts certain retirement plan distributions for income tax purposes.

2015-A7592 - Bill Text download pdf 

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

                                  7592

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2015
                               ___________

Introduced by M. of A. KAMINSKY -- read once and referred to the Commit-
  tee on Ways and Means

AN  ACT  to amend the tax law, in relation to exempting certain distrib-
  utions from eligible retirement plans for income tax purposes

  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) DISTRIBUTIONS FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH  TERM  IS
DEFINED  IN  SUBPARAGRAPH  (B)  OF  PARAGRAPH  (8)  OF SUBSECTION (C) OF
SECTION FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR  AFTER
OCTOBER  TWENTY-NINTH,  TWO  THOUSAND  TWELVE. IN ORDER TO BE SUBTRACTED
FROM FEDERAL ADJUSTED GROSS INCOME,  THE  TAXPAYER'S  PRIMARY  RESIDENCE
MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
TY-FOUR  OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY RESIDENCE
WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2015 and shall also apply to  all
other  taxable  years for which the statute of limitations for seeking a
refund are still open. The  commissioner  of  taxation  and  finance  is
authorized  to  promulgate  rules and regulations necessary to implement
this act.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10816-01-5

2015-A7592A (ACTIVE) - Details

See Senate Version of this Bill:
S5726
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6660, S6685
2019-2020: A4849, S6370
2021-2022: A848, S2236
2023-2024: A1867

2015-A7592A (ACTIVE) - Summary

Exempts certain retirement plan distributions for income tax purposes.

2015-A7592A (ACTIVE) - Bill Text download pdf 

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

                                 7592--A
                                                        Cal. No. 300

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2015
                               ___________

Introduced by M. of A. KAMINSKY -- read once and referred to the Commit-
  tee  on  Ways  and  Means  -- advanced to a third reading, amended and
  ordered reprinted, retaining its place on the order of third reading

AN ACT to amend the tax law, in relation to exempting  certain  distrib-
  utions from eligible retirement plans for income tax purposes

  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 44 to read as follows:
  (44)  DISTRIBUTIONS  FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH TERM IS
DEFINED IN SUBPARAGRAPH (B)  OF  PARAGRAPH  (8)  OF  SUBSECTION  (C)  OF
SECTION  FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR AFTER
OCTOBER TWENTY-NINTH, TWO THOUSAND TWELVE. IN  ORDER  TO  BE  SUBTRACTED
FROM  FEDERAL  ADJUSTED  GROSS  INCOME, THE TAXPAYER'S PRIMARY RESIDENCE
MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
TY-FOUR OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY  RESIDENCE
WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
  S 2. This act shall take effect immediately and shall apply to taxable
years  beginning on or after January 1, 2016 and shall also apply to all
other taxable years for which the statute of limitations for  seeking  a
refund  are  still  open.  The  commissioner  of taxation and finance is
authorized to promulgate rules and regulations  necessary  to  implement
this act.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10816-05-6

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