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Assembly Bill A4849A

2019-2020 Legislative Session

Exempts certain retirement plan distributions for income tax purposes

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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Bill Amendments

co-Sponsors

multi-Sponsors

2019-A4849 - Details

See Senate Version of this Bill:
S6370
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7592, S5726
2017-2018: A6660, S6685
2021-2022: A848, S2236
2023-2024: A1867
2025-2026: A4364

2019-A4849 - Summary

Exempts certain retirement plan distributions for income tax purposes.

2019-A4849 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4849
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced  by  M.  of  A.  JEAN-PIERRE, HUNTER, HYNDMAN, LAVINE, ORTIZ,
   DICKENS, NIOU, SIMON,  ENGLEBRIGHT,  RAIA,  PALUMBO,  SMITH,  MIKULIN,
   WILLIAMS,  TAYLOR,  FERNANDEZ,  MOSLEY,  RAMOS, ARROYO, D'URSO, TITUS,
   COOK, LAWRENCE, FINCH, PEOPLES-STOKES, RICHARDSON  --  Multi-Sponsored
   by  --  M.  of  A.  ABBATE,  CROUCH,  EPSTEIN, THIELE -- read once and
   referred to the Committee on Ways and Means
 
 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, 2020 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.
                                                            LBD09048-01-9

co-Sponsors

multi-Sponsors

2019-A4849A (ACTIVE) - Details

See Senate Version of this Bill:
S6370
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7592, S5726
2017-2018: A6660, S6685
2021-2022: A848, S2236
2023-2024: A1867
2025-2026: A4364

2019-A4849A (ACTIVE) - Summary

Exempts certain retirement plan distributions for income tax purposes.

2019-A4849A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4849--A
                                                         Cal. No. 186
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced  by  M.  of  A.  JEAN-PIERRE, HUNTER, HYNDMAN, LAVINE, ORTIZ,
   DICKENS, NIOU, SIMON, ENGLEBRIGHT, PALUMBO, SMITH, MIKULIN,  WILLIAMS,
   TAYLOR,  FERNANDEZ,  MOSLEY,  RAMOS,  ARROYO,  D'URSO, COOK, LAWRENCE,
   FINCH, PEOPLES-STOKES, RICHARDSON -- Multi-Sponsored by --  M.  of  A.
   ABBATE,  CROUCH,  EPSTEIN,  THIELE  --  read  once and referred to the
   Committee on Ways and Means -- ordered to a third reading, amended and
   ordered reprinted, retaining its place on the order of third reading
 
 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 43 to read as follows:
   (43)  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, 2021 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.
                                                            LBD09048-02-0

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