Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 05, 2018 |
reported and committed to rules |
Jan 30, 2018 |
reported and committed to finance |
Jan 03, 2018 |
referred to aging returned to senate died in assembly |
Jun 20, 2017 |
referred to real property taxation delivered to assembly passed senate ordered to third reading cal.2056 committee discharged and committed to rules |
Jun 14, 2017 |
print number 6058a |
Jun 14, 2017 |
amend (t) and recommit to aging |
May 10, 2017 |
referred to aging |
Senate Bill S6058A
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
2017-S6058 - Details
2017-S6058 - Sponsor Memo
BILL NUMBER: S6058 TITLE OF BILL : An act to amend the real property tax law, in relation to the definition of income in relation to the enhanced STAR exemption PURPOSE OR GENERAL IDEA OF BILL : This bill seeks to correct a lapse in the STAR program by treating Thrift Savings Plans (TSPs) established prior to January 1, 1984, the same as IRAs and annuities as it pertains to income eligibility under the state's STAR program. Like IRAs and annuities, TSPs established prior to January 1, 1984, did not trigger an employer (federal government) match. SUMMARY OF PROVISIONS : Section 1: Adds thrift savings plans established prior to January 1, 1984, to eligible deductions when determining federal adjusted gross income for the STAR program. JUSTIFICATION : Most 401Ks and most modern-day Thrift Savings Accounts (TSPs) are not eligible to reduce income under the STAR program because those accounts are often matched by employers. Federal agencies only started
2017-S6058 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6058 2017-2018 Regular Sessions I N S E N A T E May 10, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property tax law, in relation to the definition of income in relation to the enhanced STAR exemption THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (ii) of paragraph (b) of subdivision 4 of section 425 of the real property tax law, as amended by section 3 of part E of chapter 83 of the laws of 2002, is amended to read as follows: (ii) The term "income" as used herein shall mean the "adjusted gross income" for federal income tax purposes as reported on the applicant's federal or state income tax return for the applicable income tax year, subject to any subsequent amendments or revisions, reduced by distrib- utions, to the extent included in federal adjusted gross income, received from an individual retirement account and an individual retire- ment annuity, AND DISTRIBUTION FROM A THRIFT SAVINGS PLAN ESTABLISHED PRIOR TO JANUARY FIRST, NINETEEN HUNDRED EIGHTY-FOUR; provided that if no such return was filed for the applicable income tax year, "income" shall mean the adjusted gross income that would have been so reported if such a return had been filed. § 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10949-02-7
2017-S6058A (ACTIVE) - Details
2017-S6058A (ACTIVE) - Sponsor Memo
BILL NUMBER: S6058A TITLE OF BILL : An act to amend the real property tax law and the tax law, in relation to the definition of income in relation to the enhanced STAR exemption PURPOSE OR GENERAL IDEA OF BILL : This bill seeks to correct a lapse in the STAR program by treating Thrift Savings Plans (TSPs) established prior to January 1, 1984, the same as IRAs and annuities as it pertains to income eligibility under the state's STAR program. Like IRAs and annuities, TSPs established prior to January 1, 1984, did not trigger an employer (federal government) match. SUMMARY OF PROVISIONS : Sections 1 & 2: Adds thrift savings plans established prior to January 1, 1984, to eligible deductions when determining federal adjusted gross income for the STAR program. Section 3 contains the effective date. JUSTIFICATION : Most 401Ks and most modern-day Thrift Savings Accounts (TSPs) are not
2017-S6058A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6058--A 2017-2018 Regular Sessions I N S E N A T E May 10, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Aging -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law and the tax law, in relation to the definition of income in relation to the enhanced STAR exemption THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (ii) of paragraph (b) of subdivision 4 of section 425 of the real property tax law, as amended by section 3 of part E of chapter 83 of the laws of 2002, is amended to read as follows: (ii) The term "income" as used herein shall mean the "adjusted gross income" for federal income tax purposes as reported on the applicant's federal or state income tax return for the applicable income tax year, subject to any subsequent amendments or revisions, reduced by distrib- utions, to the extent included in federal adjusted gross income, received from an individual retirement account and an individual retire- ment annuity, AND DISTRIBUTION FROM A THRIFT SAVINGS PLAN ESTABLISHED PRIOR TO JANUARY FIRST, NINETEEN HUNDRED EIGHTY-FOUR; provided that if no such return was filed for the applicable income tax year, "income" shall mean the adjusted gross income that would have been so reported if such a return had been filed. § 2. Subparagraph (B) of paragraph 1 of subsection (eee) of section 606 of the tax law, as amended by section 8 of part A of chapter 73 of the laws of 2016, is amended to read as follows: (B) "Affiliated income" shall mean for purposes of the basic STAR credit, the combined income of all of the owners of the parcel who resided primarily thereon as of December thirty-first of the taxable year, and of any owners' spouses residing primarily thereon as of such date, and for purposes of the enhanced STAR credit, the combined income of all of the owners of the parcel as of December thirty-first of the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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