Senate Bill S6685A

2017-2018 Legislative Session

Exempts certain retirement plan distributions for income tax purposes

download bill text pdf

Sponsored By

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

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Bill Amendments

co-Sponsors

2017-S6685 - Details

See Assembly Version of this Bill:
A6660
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5726, A7592
2019-2020: S6370, A4849
2021-2022: S2236, A848
2023-2024: A1867

2017-S6685 - Summary

Exempts certain retirement plan distributions for income tax purposes.

2017-S6685 - Sponsor Memo

2017-S6685 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6685
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 13, 2017
                                ___________
 
 Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to exempting  certain  distrib-
   utions from eligible retirement plans for income tax purposes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 612 of the tax law is amended  by
 adding a new paragraph 42 to read as follows:
   (42)  DISTRIBUTIONS  FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH TERM IS
 DEFINED IN SUBPARAGRAPH (B)  OF  PARAGRAPH  (8)  OF  SUBSECTION  (C)  OF
 SECTION  FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR AFTER
 OCTOBER TWENTY-NINTH, TWO THOUSAND TWELVE. IN  ORDER  TO  BE  SUBTRACTED
 FROM  FEDERAL  ADJUSTED  GROSS  INCOME, THE TAXPAYER'S PRIMARY RESIDENCE
 MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
 DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
 TY-FOUR OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY  RESIDENCE
 WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  beginning on or after January 1, 2018 and shall also apply to all
 other taxable years for which the statute of limitations for  seeking  a
 refund  are  still  open.  The  commissioner  of taxation and finance is
 authorized to promulgate rules and regulations  necessary  to  implement
 this act.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09181-02-7

co-Sponsors

2017-S6685A (ACTIVE) - Details

See Assembly Version of this Bill:
A6660
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5726, A7592
2019-2020: S6370, A4849
2021-2022: S2236, A848
2023-2024: A1867

2017-S6685A (ACTIVE) - Summary

Exempts certain retirement plan distributions for income tax purposes.

2017-S6685A (ACTIVE) - Sponsor Memo

2017-S6685A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6685--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 13, 2017
                                ___________
 
 Introduced  by  Sens.  BOYLE, BROOKS, KAMINSKY -- read twice and ordered
   printed, and when printed to be committed to the Committee on Rules --
   recommitted to the Committee on Investigations  and  Government  Oper-
   ations  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 exempting  certain  distrib-
   utions from eligible retirement plans for income tax purposes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 612 of the tax law is amended  by
 adding a new paragraph 44 to read as follows:
   (44)  DISTRIBUTIONS  FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH TERM IS
 DEFINED IN SUBPARAGRAPH (B)  OF  PARAGRAPH  (8)  OF  SUBSECTION  (C)  OF
 SECTION  FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR AFTER
 OCTOBER TWENTY-NINTH, TWO THOUSAND TWELVE. IN  ORDER  TO  BE  SUBTRACTED
 FROM  FEDERAL  ADJUSTED  GROSS  INCOME, THE TAXPAYER'S PRIMARY RESIDENCE
 MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
 DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
 TY-FOUR OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY  RESIDENCE
 WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  beginning on or after January 1, 2019 and shall also apply to all
 other taxable years for which the statute of limitations for  seeking  a
 refund  are  still  open.  The  commissioner  of taxation and finance is
 authorized to promulgate rules and regulations  necessary  to  implement
 this act.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09181-05-8

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