senate Bill S414A

2017-2018 Legislative Session

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater

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Sponsored By

Current 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

view actions (17)
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

Votes

view votes

May 7, 2018 - Rules committee Vote

S414A
23
0
committee
23
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Feb 13, 2018 - Investigations and Government Operations committee Vote

S414A
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: Feb 13, 2018

Jun 14, 2017 - Rules committee Vote

S414
24
1
committee
24
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Co-Sponsors

view additional co-sponsors

S414 (ACTIVE) - Details

See Assembly Version of this Bill:
A690
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S2903, A6413

S414 (ACTIVE) - 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 2019, $30,000 in 2020, $35,000 in 2021 and $40,000 for each subsequent year.

S414 (ACTIVE) - Sponsor Memo

S414 (ACTIVE) - 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

view additional co-sponsors

S414A (ACTIVE) - Details

See Assembly Version of this Bill:
A690
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S2903, A6413

S414A (ACTIVE) - 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 2019, $30,000 in 2020, $35,000 in 2021 and $40,000 for each subsequent year.

S414A (ACTIVE) - Sponsor Memo

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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