Assembly Bill A1867

2023-2024 Legislative Session

Exempts certain retirement plan distributions for income tax purposes

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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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2023-A1867 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7592
2017-2018: A6660
2019-2020: A4849
2021-2022: A848

2023-A1867 (ACTIVE) - Summary

Adjusts the taxable income of individuals who were forced to withdraw funds from certain retirement accounts due to damage of primary residences following Superstorm Sandy to ensure such individuals were not penalized for withdrawing such funds.

2023-A1867 (ACTIVE) - Bill Text download pdf 

                             
                     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

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