S T A T E O F N E W Y O R K
________________________________________________________________________
1867
2023-2024 Regular Sessions
I N A S S E M B L Y
January 23, 2023
___________
Introduced by M. of A. JEAN-PIERRE, HUNTER, HYNDMAN, DICKENS, DARLING,
DILAN, COOK, SIMON, SMITH, TAYLOR, RAMOS, WILLIAMS, PEOPLES-STOKES,
SAYEGH, OTIS -- Multi-Sponsored by -- M. of A. EPSTEIN, THIELE -- read
once and referred to the Committee on Ways and Means
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 47 to read as follows:
(47) 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, 2023 and shall also apply to all
other taxable years for which the statute of limitations for seeking a
refund are still open. Effective immediately, the addition, amendment
and/or repeal of any rule or regulation necessary for the implementation
of this act on its effective date are authorized to be made and
completed on or before such effective date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02826-01-3