senate Bill S6370A

2019-2020 Legislative Session

Exempts certain retirement plan distributions for income tax purposes

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
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

S6370 - Details

See Assembly Version of this Bill:
A4849
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5726, A7592
2017-2018: S6685, A6660

S6370 - Summary

Exempts certain retirement plan distributions for income tax purposes.

S6370 - Sponsor Memo

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

S6370A (ACTIVE) - Details

See Assembly Version of this Bill:
A4849
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5726, A7592
2017-2018: S6685, A6660

S6370A (ACTIVE) - Summary

Exempts certain retirement plan distributions for income tax purposes.

S6370A (ACTIVE) - Sponsor Memo

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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