Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 07, 2018 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1018 committee discharged and committed to rules |
Feb 13, 2018 |
reported and committed to finance |
Jan 31, 2018 |
print number 414a |
Jan 31, 2018 |
amend and recommit to investigations and government operations |
Jan 03, 2018 |
referred to investigations and government operations returned to senate died in assembly |
Jun 15, 2017 |
referred to ways and means delivered to assembly passed senate |
Jun 14, 2017 |
ordered to third reading cal.1587 committee discharged and committed to rules |
Jan 04, 2017 |
referred to investigations and government operations |
Senate Bill S414A
2017-2018 Legislative Session
Sponsored By
(D) 22nd Senate District
Archive: Last Bill Status - In Assembly 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
Votes
Bill Amendments
co-Sponsors
(R, C, IP, RFM) Senate District
(R) Senate District
(D) Senate District
(R, C) 60th Senate District
2017-S414 - Details
2017-S414 - Sponsor Memo
BILL NUMBER: S414 TITLE OF BILL : An act to amend the tax law, in relation to increasing the exemption for pensions and annuities for certain persons 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 2018 taxable year, to $30,000 for the 2019 taxable year, to $35,000 for the 2020 taxable year, and to $40,000 in the 2021 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
2017-S414 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 414 2017-2018 Regular Sessions I N S E N A T E (PREFILED) January 4, 2017 ___________ Introduced by Sen. FELDER -- 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 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 EIGHTEEN, THIRTY THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND NINETEEN, THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY, 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 distributions received by an individual who has attained the age of fifty-nine and one-half from an individual retire- ment 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 individual and owner-employee retirement EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
co-Sponsors
(R, C, IP, RFM) Senate District
(R) Senate District
(D) Senate District
(R, C, IP) Senate District
2017-S414A (ACTIVE) - Details
2017-S414A (ACTIVE) - Sponsor Memo
BILL NUMBER: S414A Revised 2/9/18 SPONSOR: FELDER TITLE OF BILL: An act to amend the tax law, in relation to increasing the exemption for pensions and annuities for certain persons 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 2019 taxable year, to $30,000 for the 2020 taxable year, to $35,000 for the 2021 taxable year, and to $40,000 in the 2022 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.
2017-S414A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 414--A 2017-2018 Regular Sessions I N S E N A T E (PREFILED) January 4, 2017 ___________ Introduced by Sens. FELDER, AKSHAR, BOYLE, CARLUCCI, GALLIVAN, MARCHIONE, MURPHY, PHILLIPS, RANZENHOFER, SERINO, TEDISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- 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 commit- tee 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 NINETEEN, THIRTY THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY, THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-ONE, 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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