Senate Bill S20

2021-2022 Legislative Session

Grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance

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Sponsored By

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

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2021-S20 (ACTIVE) - Details

See Assembly Version of this Bill:
A6631
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§612 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1397
2011-2012: S228, A4149
2013-2014: S1066, A4653
2015-2016: S3653, A5546
2017-2018: S9158, A6238
2019-2020: S2684, A5754
2023-2024: S2329

2021-S20 (ACTIVE) - Summary

Grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance; exempts distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance.

2021-S20 (ACTIVE) - Sponsor Memo

2021-S20 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    20
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by Sens. MAYER, BRESLIN, BROOKS, GAUGHRAN, JACKSON, KRUEGER,
   LIU -- read twice and ordered printed, and when printed to be  commit-
   ted to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to exempting distributions from
   individual  retirement  accounts  and  individual retirement annuities
   from state personal income taxation when such distributions  are  used
   to purchase long-term health care insurance
 
   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 3-d to read as follows:
   (3-D)  DISTRIBUTIONS RECEIVED BY AN INDIVIDUAL, NOT OTHERWISE EXCLUDED
 PURSUANT TO PARAGRAPH THREE OR THREE-A OF THIS SUBSECTION, TO THE EXTENT
 INCLUDABLE IN GROSS INCOME FOR FEDERAL INCOME TAX  PURPOSES,  WHICH  ARE
 ATTRIBUTABLE  TO  PERSONAL  SERVICES  PERFORMED  BY SUCH INDIVIDUAL 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, TO THE EXTENT SUCH DISTRIBUTIONS  ARE  USED
 DURING  THE  TAXABLE  YEAR TO PURCHASE A POLICY OF LONG-TERM CARE INSUR-
 ANCE, AS DEFINED IN SECTION ONE THOUSAND ONE HUNDRED  SEVENTEEN  OF  THE
 INSURANCE  LAW,  FOR  SUCH INDIVIDUAL OR A DEPENDENT OF SUCH INDIVIDUAL.
 SUCH  DISTRIBUTIONS  SHALL  INCLUDE  DISTRIBUTIONS  FROM  AN  INDIVIDUAL
 RETIREMENT  ACCOUNT  OR  AN INDIVIDUAL RETIREMENT ANNUITY, AS DEFINED IN
 SECTION FOUR HUNDRED EIGHT OF THE INTERNAL REVENUE  CODE,  AND  DISTRIB-
 UTIONS FROM SELF-EMPLOYED INDIVIDUAL AND OWNER-EMPLOYEE RETIREMENT PLANS
 WHICH  QUALIFY  UNDER  SECTION  FOUR HUNDRED ONE OF THE INTERNAL REVENUE
 CODE.  PROVIDED, HOWEVER, THAT ANY DISTRIBUTIONS  EXCLUDED  PURSUANT  TO
 THIS  PARAGRAPH  SHALL  BE  SUBTRACTED FROM THE TOTAL AMOUNT OF PREMIUMS
 PAID  WHEN  COMPUTING  THE  AMOUNT  OF  ALLOWABLE  CREDIT  PURSUANT   TO
 SUBSECTION (AA) OF SECTION SIX HUNDRED SIX OF THIS ARTICLE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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