| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Feb 07, 2020 |
print number 6370a |
| Feb 07, 2020 |
amend and recommit to budget and revenue |
| Jan 08, 2020 |
referred to budget and revenue |
| Jun 06, 2019 |
referred to rules |
Senate Bill S6370A
2019-2020 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
Actions
Bill Amendments
2019-S6370 - Details
2019-S6370 - Sponsor Memo
BILL NUMBER: S6370
SPONSOR: BROOKS
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:
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 PROVISIONS:
Section 1. amends subsection (c) of section 612 of the tax law by adding
a new paragraph 44 to provide that distributions from eligible retire-
ment 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
2019-S6370 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6370
2019-2020 Regular Sessions
I N S E N A T E
June 6, 2019
___________
Introduced by Sen. BROOKS -- 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 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
2019-S6370A (ACTIVE) - Details
2019-S6370A (ACTIVE) - Sponsor Memo
BILL NUMBER: S6370A
SPONSOR: BROOKS
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:
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 PROVISIONS:
Section 1. amends subsection (c) of section 612 of the tax law by adding
a new paragraph 44 to provide that distributions from eligible retire-
ment plans made on or after October 29, 2012 may be subtracted from
federal adjusted gross income if the taxpayer's primary residence
2019-S6370A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6370--A
2019-2020 Regular Sessions
I N S E N A T E
June 6, 2019
___________
Introduced by Sen. BROOKS -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules -- recommitted to
the Committee on Budget and Revenue 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 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.
LBD09048-03-0
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