NY State Senate Bill S2903C

Archive: Last Bill Status - Passed Senate

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

Your Voice

Please enter your contact information

First Name *

Last Name *

Email Address *

A valid email address is required.

Home address search or enter your address manually *

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Leave this field blank

Actions

view actions (21)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 01, 2016	referred to ways and means delivered to assembly passed senate
May 23, 2016	advanced to third reading amended 2903c
May 18, 2016	2nd report cal.
May 17, 2016	1st report cal.909
Mar 08, 2016	reported and committed to finance
Jan 20, 2016	print number 2903b
Jan 20, 2016	amend and recommit to investigations and government operations
Jan 06, 2016	referred to investigations and government operations returned to senate died in assembly
Jun 17, 2015	referred to ways and means delivered to assembly passed senate ordered to third reading cal.1773 committee discharged and committed to rules
Feb 06, 2015	print number 2903a
Feb 06, 2015	amend and recommit to investigations and government operations
Jan 30, 2015	referred to investigations and government operations

Votes

Bill Amendments

Original

C (Active)

Original

C (Active)

S2903 - Details

See Assembly Version of this Bill:: A6413
Law Section:: Tax Law
Laws Affected:: Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

S2903 - 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.

S2903 - Sponsor Memo

BILL NUMBER:S2903

TITLE OF BILL:

An act to amend the tax law, in relation to increasing the exemption
for pensions and annuities for certain persons

PURPOSE:

This bill will increase to forty thousand dollars the amount of
pension income which is exempt from the personal income tax.

SUMMARY OF PROVISIONS:

Section one of the bill increases the limit on the amount of pension
and annuity income which is not subject to the personal income tax for
those who have reached the age of 59% from twenty thousand dollars to
forty thousand dollars.

EXISTING LAW:

Current law provides that up to twenty thousand dollars of pension and
annuity income received by individuals over the age of 59% may be
subtracted from federal adjusted gross income for purposes of
calculating New York State personal income tax

JUSTIFICATION:

The current twenty thousand dollar limit was set back in 1981. This
bill provides a much needed increase in this amount. The original law
was enacted, in part, to treat the recipients of private pensions more
fairly in comparison to those receiving state or local government
pensions. In fact, legislation had been proposed to eliminate the
personal income tax on private pensions altogether.  Ultimately, the
$20,000 limit was negotiated and enacted as part of the Budget
(Chapter 103 of 1981). This increase is long overdue. Cost of living
increases alone would put the 1981 $20,000 figure at well more than
$40,000 today.

In addition, with the elimination of the income tax on more of their
pension income, older New Yorkers would be able to keep more of their
income at a time when many find it difficult to supplement their
incomes by returning to the workforce.

Reducing the tax burden on older New Yorkers will also help encourage
them to remain in New York State.

LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS:

To be determined.

LOCAL FISCAL IMPLICATIONS:


None.

EFFECTIVE DATE:

Immediately.

S2903 - Bill Text download pdf

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

                                  2903

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- 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] FORTY 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
and taxed under section six hundred  three  of  this  article.  Where  a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-01-5

S. 2903                             2

husband  and  wife  file  a  joint state personal income tax return, the
modification provided for in this paragraph shall be computed as if they
were filing separate state personal income tax returns. Where a  payment
would otherwise come within the meaning of the term "pensions and annui-
ties"  as  set  forth  in this paragraph, except that such individual is
deceased, such payment shall, nevertheless, be treated as a  pension  or
annuity  for  purposes  of this paragraph if such payment is received by
such individual's beneficiary.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have  been in full force and effect on and after the first of January of
the year in which it shall have become a law.

Co-Sponsors

view additional co-sponsors

S2903A - Details

See Assembly Version of this Bill:: A6413
Law Section:: Tax Law
Laws Affected:: Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

S2903A - Summary

S2903A - Sponsor Memo

BILL NUMBER:S2903A

TITLE OF BILL:  An act to amend the tax law, in relation to increasing
the exemption for pensions and annuities for certain persons

PURPOSE:

This bill will increase the amount of pension income which is exempt
from the personal income tax.

SUMMARY OF PROVISIONS:

Section one of the bill increases the limit on the amount of pension
and annuity income which is not subject to the personal income tax for
those who have reached the age of 59% from twenty thousand dollars to
twenty-seven thousand dollars in 2015, to thirty-four thousand dollars
in 2016 and to forty thousand dollars in 2017 and each subsequent
year.

EXISTING LAW:

Current law provides that up to twenty thousand dollars of pension and
annuity income received by individuals over the age of 59% may be
subtracted from federal adjusted gross income for purposes of
calculating New York State personal income tax

JUSTIFICATION:

The current twenty thousand dollar limit was set back in 1981. This
bill provides a much needed increase in this amount. The original law
was enacted, in part, to treat the recipients of private pensions more
fairly in comparison to those receiving state or local government
pensions. In fact, legislation had been proposed to eliminate the
personal income tax on private pensions altogether.  Ultimately, the
$20,000 limit was negotiated and enacted as part of the Budget
(Chapter 103 of 1981).This increase is long overdue. Cost of living
increases alone would put the 1981 $20,000 figure at well more than
$40,000 today.

In addition, with the elimination of the income tax on more of their
pension income, older New Yorkers would be able to keep more of their
income at a time when many find it difficult to supplement their
incomes by returning to the workforce.

Reducing the tax burden on older New Yorkers will also help encourage
them to remain in New York State.

LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS:

To be determined.

LOCAL FISCAL IMPLICATIONS:


None.

EFFECTIVE DATE:

Immediately.

S2903A - Bill Text download pdf

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

                                 2903--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  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 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-02-5

S. 2903--A                          2

payments are periodic in nature. Nevertheless, 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 and taxed under section six
hundred three of this article. Where a husband and  wife  file  a  joint
state  personal income tax return, the modification provided for in this
paragraph shall be computed  as  if  they  were  filing  separate  state
personal income tax returns. Where a payment would otherwise come within
the  meaning  of  the term "pensions and annuities" as set forth in this
paragraph, except that such individual is deceased, such payment  shall,
nevertheless,  be  treated  as a pension or annuity for purposes of this
paragraph if such payment is received by such individual's beneficiary.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have  been in full force and effect on and after the first of January of
the year in which it shall have become a law.

Co-Sponsors

view additional co-sponsors

S2903B - Details

See Assembly Version of this Bill:: A6413
Law Section:: Tax Law
Laws Affected:: Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

S2903B - Summary

S2903B - Sponsor Memo

 BILL NUMBER:  S2903B

 TITLE OF BILL :

An act to amend the tax law, in relation to increasing the exemption
for pensions and annuities for certain persons

 PURPOSE :

This bill will increase the amount of pension income which is exempt
from the personal income tax.

 SUMMARY OF PROVISIONS :

Section one of the bill increases the limit on the amount of pension
and annuity income which is not subject to the personal income tax for
those who have reached the age of 59 1/2 from twenty thousand dollars
to twenty-seven thousand dollars in 2016, to thirty-four thousand
dollars in 2017 and to forty thousand dollars in 2018 and each
subsequent year.

 EXISTING LAW :

Current law provides that up to twenty thousand dollars of pension and
annuity income received by individuals over the age of 59 1/2 may be
subtracted from federal adjusted gross income for purposes of

calculating New York State personal income tax

 JUSTIFICATION :

The current twenty thousand dollar limit was set back in 1981. This
bill provides a much needed increase in this amount. The original law
was enacted, in part, to treat the recipients of private pensions more
fairly in comparison to those receiving state or local government
pensions. In fact, legislation had been proposed to eliminate the
personal income tax on private pensions altogether.  Ultimately, the
$20,000 limit was negotiated and enacted as part of the Budget
(Chapter 103 of 1981).This increase is long overdue. Cost of living
increases alone would put the 1981 $20,000 figure at well more than
$40,000 today.

In addition, with the elimination of the income tax on more of their
pension income, older New Yorkers would be able to keep more of their
income at a time when many find it difficult to supplement their
incomes by returning to the workforce.  Reducing the tax burden on
older New Yorkers will also help encourage them to remain in New York
State.

 LEGISLATIVE HISTORY :

S. 2903-A of 2015 passed Senate.

 FISCAL IMPLICATIONS :

To be determined.

 LOCAL FISCAL IMPLICATIONS :

None.

 EFFECTIVE DATE :
Immediately.

S2903B - Bill Text download pdf

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

                                 2903--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sens.  FARLEY,  AMEDORE, CROCI, FELDER, FLANAGAN, FUNKE,
  GOLDEN, GRIFFO, HANNON, LANZA, LITTLE, MARCHIONE, MURPHY, RANZENHOFER,
  ROBACH, YOUNG -- read twice and ordered printed, and when  printed  to
  be  committed  to the Committee on Investigations and Government Oper-
  ations -- committee discharged, bill  amended,  ordered  reprinted  as
  amended  and  recommitted  to  said  committee  --  recommitted to the
  Committee on Investigations and Government  Operations  in  accordance
  with  Senate  Rule  6,  sec.  8 -- 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08412-04-6

S. 2903--B                          2

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
subparagraph  (D)  of  paragraph  four of subsection (e) of section four
hundred two of the internal revenue code and  taxed  under  section  six
hundred  three  of  this  article. Where a husband and wife file a joint
state personal income tax return, the modification provided for in  this
paragraph  shall  be  computed  as  if  they  were filing separate state
personal income tax returns. Where a payment would otherwise come within
the meaning of the term "pensions and annuities" as set  forth  in  this
paragraph,  except that such individual is deceased, such payment shall,
nevertheless, be treated as a pension or annuity for  purposes  of  this
paragraph if such payment is received by such individual's beneficiary.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after the first of January  of
the year in which it shall have become a law.

Co-Sponsors

view additional co-sponsors

S2903C (ACTIVE) - Details

See Assembly Version of this Bill:: A6413
Law Section:: Tax Law
Laws Affected:: Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S414, A690
2019-2020: S697, A6213
2021-2022: S3343, A1357
2023-2024: S2047, A208

S2903C (ACTIVE) - Summary

S2903C (ACTIVE) - Sponsor Memo

 BILL NUMBER:  S2903C

 TITLE OF BILL :

An act to amend the tax law, in relation to increasing the exemption
for pensions and annuities for certain persons

 PURPOSE :

This bill will update the amount of private pension income which is
exempt from the personal income tax.

 SUMMARY OF PROVISIONS :

Section 612(c)(3-a) of the Tax Law is amended to increase the amount
of private pension and annuity income that is exempt from New York
State income taxes. The current exemption level of $20,000 would be
increased to $25,000 for the 2017 taxable year, to $30,000 for the
2018 taxable year, to $35,000 for the 2019 taxable year, and to
$40,000 in the 2020 and subsequent taxable years.

 EXISTING LAW :

Government pensions (state, local, federal, military) are fully exempt
from NYS income taxes. In contrast, only the first $20,000 of income
from private pensions and annuities is tax exempt.

 JUSTIFICATION :

The current $20,000 tax exemption level for private pension income was
established in 1981, and has not been adjusted during the intervening
35 years. This bill provides a much needed update in the amount.

The exemption was enacted in 1981 in an effort to assist senior
citizens. The 1981 law also sought to help treat the recipients of
private pensions more fairly in comparison to the treatment of persons
who receive government pensions, which are fully exempt from state
income taxes pursuant to the State Constitution.

The 1981 law compromised on a tax exemption level of $20,000 for
private pensions. Based on the Consumer Price Index, the $20,000 level
established in 1981 would be the equivalent of more than $52,000 in
2016.

This bill would enact the first increase in the exemption threshold
since the law was passed in 1981. It would phase in the increase by
$5,000 per year to a maximum exemption of $40,000.

An updated exemption level will help address the inequity in the tax
treatment of private pensions and government pensions, which are tax
exempt under the State Constitution.

In addition, reducing the tax burden on older New Yorkers will help
encourage retirees to remain in New York State during their retirement
years. The increase will also enable older New Yorkers to keep more of
their income at a time when many find it difficult to return to the
workforce in order to supplement their income.  Increasing the
tax-exempt amount may also encourage younger persons to save money for
their retirement in pensions, 401(k)s, IRAs, etc.

 LEGISLATIVE HISTORY :

The provisions of bill S.2903-B were included in the Senate's
one-house budget proposal which was passed by the Senate in mid-March
2016. Bill S.2903-A was passed by the Senate in 2015.

 FISCAL IMPLICATIONS :

None in the current 2016-17 SFY or in the 2017-18 SFY. The exemption
increase will then phase in over a four-year period, with an
anticipated impact of $275 million when fully phased in.

 EFFECTIVE DATE :
Immediately

S2903C (ACTIVE) - Bill Text download pdf

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

                                 2903--C
    Cal. No. 909

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sens.  FARLEY, SERINO, AKSHAR, AMEDORE, AVELLA, BONACIC,
  BOYLE, CARLUCCI, CROCI, DeFRANCISCO, FELDER, FLANAGAN,  FUNKE,  GALLI-
  VAN,  GOLDEN, GRIFFO, KLEIN, LANZA, LARKIN, LAVALLE, LITTLE, MARCELLI-
  NO, MARCHIONE, MARTINS, MURPHY, NOZZOLIO, O'MARA,  ORTT,  RANZENHOFER,
  RITCHIE,  ROBACH,  SAVINO,  SEWARD,  VALESKY,  VENDITTO, YOUNG -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee  on  Investigations  and  Government Operations -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee -- recommitted to the  Committee  on  Investigations
  and  Government Operations in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted  to said committee -- reported favorably from said commit-
  tee and committed to the Committee on Finance  --  reported  favorably
  from  said  committee,  ordered to first and second report, amended on
  second report, ordered to a third reading,  and  to  be  reprinted  as
  amended, retaining its place in the order of third reading

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

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

                                                           LBD08412-06-6

S. 2903--C                          2

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
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 (D) of paragraph four of
subsection (e) of section four hundred two of the internal revenue  code
and  taxed  under  section  six  hundred  three of this article. Where a
husband and wife file a joint state  personal  income  tax  return,  the
modification provided for in this paragraph shall be computed as if they
were  filing separate state personal income tax returns. Where a payment
would otherwise come within the meaning of the term "pensions and annui-
ties" as set forth in this paragraph, except  that  such  individual  is
deceased,  such  payment shall, nevertheless, be treated as a pension or
annuity for purposes of this paragraph if such payment  is  received  by
such individual's beneficiary.
  S 2. This act shall take effect immediately.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

The New York State Senate

senate Bill S2903C

Sponsored By

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jun 1, 2016 - floor Vote

Floor Vote: Jun 1, 2016

May 17, 2016 - Finance committee Vote

Committee Vote: May 17, 2016

Mar 8, 2016 - Investigations and Government Operations committee Vote

Committee Vote: Mar 8, 2016

Jun 17, 2015 - floor Vote

Floor Vote: Jun 17, 2015

Jun 17, 2015 - Rules committee Vote

Committee Vote: Jun 17, 2015

Bill Amendments

S2903 - Details

S2903 - Summary

S2903 - Sponsor Memo

S2903 - Bill Text download pdf

Co-Sponsors

S2903A - Details

S2903A - Summary

S2903A - Sponsor Memo

S2903A - Bill Text download pdf

Co-Sponsors

S2903B - Details

S2903B - Summary

S2903B - Sponsor Memo

S2903B - Bill Text download pdf

Co-Sponsors

S2903C (ACTIVE) - Details

S2903C (ACTIVE) - Summary

S2903C (ACTIVE) - Sponsor Memo

S2903C (ACTIVE) - Bill Text download pdf

Comments

senate Bill S2903C

Share this bill

Sponsored By

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jun 1, 2016 - floor Vote

Floor Vote: Jun 1, 2016

May 17, 2016 - Finance committee Vote

Committee Vote: May 17, 2016

Mar 8, 2016 - Investigations and Government Operations committee Vote

Committee Vote: Mar 8, 2016

Jun 17, 2015 - floor Vote

Floor Vote: Jun 17, 2015

Jun 17, 2015 - Rules committee Vote

Committee Vote: Jun 17, 2015

Bill Amendments

S2903 - Details

S2903 - Summary

S2903 - Sponsor Memo

S2903 - Bill Text download pdf

Co-Sponsors

S2903A - Details

S2903A - Summary

S2903A - Sponsor Memo

S2903A - Bill Text download pdf

Co-Sponsors

S2903B - Details

S2903B - Summary

S2903B - Sponsor Memo

S2903B - Bill Text download pdf

Co-Sponsors

S2903C (ACTIVE) - Details

S2903C (ACTIVE) - Summary

S2903C (ACTIVE) - Sponsor Memo

S2903C (ACTIVE) - Bill Text download pdf

Comments