S T A T E O F N E W Y O R K
________________________________________________________________________
6213
2019-2020 Regular Sessions
I N A S S E M B L Y
March 4, 2019
___________
Introduced by M. of A. MAGNARELLI, GOTTFRIED, STIRPE, COOK, MOSLEY,
LUPARDO, STECK, BENEDETTO, PICHARDO, ARROYO, SCHIMMINGER, ENGLEBRIGHT,
JONES, SIMON, ORTIZ, CARROLL, BARNWELL, CAHILL, ABBATE, RIVERA,
L. ROSENTHAL, GUNTHER -- Multi-Sponsored by -- M. of A. BRAUNSTEIN,
HYNDMAN, THIELE, WRIGHT -- read once and referred to the Committee on
Ways and Means
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 TWENTY-ONE, THIRTY THOUSAND DOLLARS
FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
TWENTY-TWO, THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING
ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-THREE, 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-
ual who has attained the age of fifty-nine and one-half from an individ-
ual retirement account or an individual retirement annuity, as defined
in section four hundred eight of the internal revenue code, and distrib-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01881-01-9
A. 6213 2
utions received by an individual who has attained the age of fifty-nine
and one-half from self-employed individual and owner-employee retirement
plans which qualify under section four hundred one of the internal
revenue code, whether or not the payments are periodic in nature. Never-
theless, the term "pensions and annuities" shall not include any lump
sum distribution, as defined in subparagraph (D) of paragraph four of
subsection (e) of section four hundred two of the internal revenue code
and taxed under section six hundred three of this article. Where a
husband and wife file a joint state personal income tax return, the
modification provided for in this paragraph shall be computed as if they
were filing separate state personal income tax returns. Where a payment
would otherwise come within the meaning of the term "pensions and annui-
ties" as set forth in this paragraph, except that such individual is
deceased, such payment shall, nevertheless, be treated as a pension or
annuity for purposes of this paragraph if such payment is received by
such individual's beneficiary.
§ 2. This act shall take effect immediately.