Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations |
Jan 06, 2017 |
referred to investigations and government operations |
Senate Bill S1095
2017-2018 Legislative Session
Sponsored By
(D, IP) Senate District
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
Actions
2017-S1095 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§603 & 612, Tax L
- Versions Introduced in 2015-2016 Legislative Session:
-
S4827
2017-S1095 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1095 TITLE OF BILL : An act to amend the tax law, in relation to lump sum distributions used for the payment of post-secondary education loans PURPOSE : The purpose of this bill is to provide graduates of higher education an opportunity to pay off student debt using early distributions from a retirement account. SUMMARY OF PROVISIONS : Section one of the bill exempts early distributions from a retirement account form the separate tax imposed in section 603 as long as those distributions are used for payments for student loan debt. Section two of the bill would provide that early distributions from a retirement account would be subtracted from federal adjusted gross income when those distributions are used for payments for student loan debt. EXISTING LAW :
2017-S1095 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1095 2017-2018 Regular Sessions I N S E N A T E January 6, 2017 ___________ Introduced by Sen. VALESKY -- 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 lump sum distributions used for the payment of post-secondary education loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 603 of the tax law is amended by adding a new subsection (c) to read as follows: (C) EXEMPTION. LUMP SUM DISTRIBUTIONS, AS TAXED UNDER THIS SECTION, USED FOR PAYMENTS TO AN INSTITUTION RECEIVING ANY SCHEDULED PERIODIC PAYMENTS FROM A BORROWER PURSUANT TO THE TERMS OF ANY POST-SECONDARY EDUCATION LOAN, AND MAKING THE PAYMENTS OF PRINCIPAL AND INTEREST AND OTHER AMOUNTS WITH RESPECT TO THE AMOUNTS RECEIVED FROM THE BORROWER AS MAY BE REQUIRED PURSUANT TO THE TERMS OF THE POST-SECONDARY EDUCATION LOAN OR OF THE CONTRACT GOVERNING THE SERVICING; OR, DURING A PERIOD WHEN PAYMENT ON A POST-SECONDARY EDUCATION LOAN IS DEFERRED, MAINTAINING ACCOUNT RECORDS FOR THE LOAN AND COMMUNICATING WITH THE BORROWER REGARD- ING THE LOAN, ON BEHALF OF THE LOAN'S HOLDER SHALL NOT BE SUBJECT TO THE SEPARATE TAX IMPOSED IN SUBSECTION (A) OF THIS SECTION. § 2. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 3-d to read as follows: (3-D) PENSIONS AND ANNUITIES RECEIVED BY AN INDIVIDUAL OF ANY AGE, NOT OTHERWISE EXCLUDED PURSUANT TO PARAGRAPH THREE OF THIS SUBSECTION, TO THE EXTENT INCLUDIBLE IN GROSS INCOME FOR FEDERAL TAX PURPOSES, WHICH ARISE (I) FROM AN EMPLOYER-EMPLOYEE RELATIONSHIP OR (II) FROM CONTRIB- UTIONS TO A RETIREMENT PLAN WHICH ARE DEDUCTIBLE FOR FEDERAL INCOME TAX PURPOSES WHICH ARE USED FOR PAYMENTS TO AN INSTITUTION RECEIVING ANY SCHEDULED PERIODIC PAYMENTS FROM A BORROWER PURSUANT TO THE TERMS OF ANY POST-SECONDARY EDUCATION LOAN, AND MAKING THE PAYMENTS OF PRINCIPAL AND INTEREST AND OTHER AMOUNTS WITH RESPECT TO THE AMOUNTS RECEIVED FROM THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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