Senate Bill S3343

2021-2022 Legislative Session

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2021-S3343 (ACTIVE) - Details

See Assembly Version of this Bill:
A1357
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S2903, A6413
2017-2018: S414, A690
2019-2020: S697, A6213
2023-2024: S2047, A208

2021-S3343 (ACTIVE) - Summary

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2023, $30,000 in 2024, $35,000 in 2025 and $40,000 for each subsequent year.

2021-S3343 (ACTIVE) - Sponsor Memo

2021-S3343 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3343
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 28, 2021
                                ___________
 
 Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 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-THREE, THIRTY THOUSAND
 DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER  JANUARY  FIRST,  TWO
 THOUSAND  TWENTY-FOUR, THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, AND FORTY
 thousand dollars IN EACH SUBSEQUENT YEAR, which  are  periodic  payments
 attributable  to personal services performed by such individual prior to
 his retirement from employment, which arise (i) from an employer-employ-
 ee 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
 individual who has attained the age of fifty-nine and one-half  from  an
 individual  retirement  account  or an individual retirement annuity, as
 defined in section four hundred eight of the internal revenue code,  and
 distributions  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.