NY State Senate Bill 2017-S6685A

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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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 16, 2018	print number 6685a
May 16, 2018	amend and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations
Jun 13, 2017	referred to rules

Bill Amendments

Original

A (Active)

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
2025-2026: A4364

2017-S6685 - Summary

Exempts certain retirement plan distributions for income tax purposes.

2017-S6685 - Sponsor Memo

                                 BILL NUMBER:  S6685

 TITLE OF BILL :  An act to amend the tax law, in relation to
exempting certain distributions from eligible retirement plans for
income tax purposes

 PURPOSE OR GENERAL IDEA OF BILL :

The purpose of this bill is to adjust the taxable income of
individuals who were forced to withdraw funds from certain retirement
accounts in order to repair their severely damaged primary residences
following Superstorm Sandy.

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1. This section amends subsection (c) of section 612 of the
tax law by adding a new paragraph 42 to provide that distributions
from eligible retirement plans made on or after October 29, 2012 may
be subtracted from federal adjusted gross income if the taxpayer's
primary residence incurred severe damage due to Superstorm Sandy and
such property was located in the presidentially declared disaster
zone.

Section 2. Sets forth the effective date.

 JUSTIFICATION :

In the aftermath of Superstorm Sandy, many individuals sustained
severe damage to their homes and were left homeless or with a portion
of their home uninhabitable while awaiting insurance payments and
federal and state aid to begin repairs. The process of securing
assistance was a lengthy one, and countless families were forced to
withdraw funds from retirement savings in order to start or complete
repairs. In making those withdrawals, homeowners incurred an income
tax burden that penalized them for the early withdrawal of retirement
fund resources by increasing their adjustable taxable income by the
amount withdrawn from the retirement plan.

This bill will accordingly adjust the income tax burden of those
individuals who made such withdrawals to repair their homes. In order
to be eligible for such adjustment, the taxpayer's primary residence
must have incurred severe damage due to Superstorm Sandy and the
residence must be located in the presidentially declared disaster
zone.

 PRIOR LEGISLATIVE HISTORY :

2015-16: A.7592-A Passed Assembly

 FISCAL IMPLICATIONS :

Revenue loss to the state.

 EFFECTIVE DATE :
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.

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
2025-2026: A4364

2017-S6685A (ACTIVE) - Summary

Exempts certain retirement plan distributions for income tax purposes.

2017-S6685A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6685A

SPONSOR: BOYLE
 
TITLE OF BILL:

An act to amend the tax law, in relation to exempting certain distrib-
utions from eligible retirement plans for income tax purposes

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this bill is to adjust the taxable income of individuals
who were forced to withdraw funds from certain retirement accounts in
order to repair their severely damaged primary residences following
Superstorm Sandy.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1. This section amends subsection (c) of section 612 of the tax
law by adding a new paragraph 42 to provide that distributions from
eligible retirement plans made on or after October 29, 2012 may be
subtracted from federal adjusted gross income if the taxpayer's primary

residence incurred severe damage due to Superstorm Sandy and such prop-
erty was located in the presidentially declared disaster zone.

Section 2. Sets forth the effective date.

 
JUSTIFICATION:

In the aftermath of Superstorm Sandy, many individuals sustained severe
damage to their homes and were left homeless or with a portion of their
home uninhabitable while awaiting insurance payments and federal and
state aid to begin repairs. The process of securing assistance was a
lengthy one, and countless families were forced to withdraw funds from
retirement savings in order to start or complete repairs. In making
those withdrawals, homeowners incurred an income tax burden that penal-
ized them for the early withdrawal of retirement fund resources by
increasing their adjustable taxable income by the amount withdrawn from
the retirement plan.

This bill will accordingly adjust the income tax burden of those indi-
viduals who made such withdrawals to repair their homes. In order to be
eligible for such adjustment, the taxpayer's primary residence must have
incurred severe damage due to Superstorm Sandy and the residence must be
located in the presidentially declared disaster zone.

 
PRIOR LEGISLATIVE HISTORY:

2015-16: A.7592-A Passed Assembly

 
FISCAL IMPLICATIONS:

Revenue loss to the state.

 
EFFECTIVE DATE:
Immediately and shall apply to taxable years beginning on or after Janu-
ary 1, 2019 and shall also apply to all other taxable years for which
the statute of limitations for seeking a refund are still open.

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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Senate Bill S6685A

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

Bill Amendments

co-Sponsors

2017-S6685 - Details

2017-S6685 - Summary

2017-S6685 - Sponsor Memo

2017-S6685 - Bill Text download pdf

co-Sponsors

2017-S6685A (ACTIVE) - Details

2017-S6685A (ACTIVE) - Summary

2017-S6685A (ACTIVE) - Sponsor Memo

2017-S6685A (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Phil Boyle

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

Bill Amendments

co-Sponsors

John E. Brooks

Todd Kaminsky

2017-S6685 - Details

2017-S6685 - Summary

2017-S6685 - Sponsor Memo

2017-S6685 - Bill Text download pdf

co-Sponsors

John E. Brooks

Todd Kaminsky

2017-S6685A (ACTIVE) - Details

2017-S6685A (ACTIVE) - Summary

2017-S6685A (ACTIVE) - Sponsor Memo

2017-S6685A (ACTIVE) - Bill Text download pdf

Comments