Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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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 |
senate Bill S2903C
Sponsored By
Hugh T. Farley
(R, C, IP) 0 Senate District
Archive: Last Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
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Bill Amendments
S2903 - Details
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
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
Co-Sponsors
George A. Amedore, Jr.
(R, C, IP) 0 Senate District
Thomas D. Croci
(R) 0 Senate District
Simcha Felder
(D) 22nd Senate District
John J. Flanagan
(R, C, IP) 0 Senate District
S2903A - Details
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
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
Co-Sponsors
George A. Amedore, Jr.
(R, C, IP) 0 Senate District
Phil Boyle
(R) 0 Senate District
Thomas D. Croci
(R) 0 Senate District
Simcha Felder
(D) 22nd Senate District
S2903B - Details
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
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
Co-Sponsors
Sue Serino
(R, C, IP) 0 Senate District
Fred Akshar
(R, C, IP, RFM) 0 Senate District
George A. Amedore, Jr.
(R, C, IP) 0 Senate District
Tony Avella
(D) 0 Senate District
S2903C (ACTIVE) - Details
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.
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.
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