Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to ways and means |
Mar 07, 2023 |
referred to ways and means |
Assembly Bill A5235
2023-2024 Legislative Session
Sponsored By
BARCLAY
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
Actions
co-Sponsors
Joseph Giglio
David McDonough
Christopher Friend
David DiPietro
multi-Sponsors
Michael Durso
2023-A5235 (ACTIVE) - Details
2023-A5235 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5235 2023-2024 Regular Sessions I N A S S E M B L Y March 7, 2023 ___________ Introduced by M. of A. BARCLAY, J. M. GIGLIO, McDONOUGH, FRIEND, DiPIE- TRO, BRABENEC, SMITH, MIKULIN, WALSH, MILLER, MANKTELOW, GALLAHAN, SIMPSON, FITZPATRICK, LEMONDES, DeSTEFANO, HAWLEY, TAGUE, NORRIS -- Multi-Sponsored by -- M. of A. DURSO -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to making the first one hundred thousand dollars of an individuals' private pension non-taxable 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] ONE HUNDRED thousand dollars, 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 internal revenue code, whether or not the payments are periodic in nature. Nevertheless, the] THE term "pensions and annuities" shall not include any lump sum distribution, as defined in subparagraph [(D)] (A) EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02572-01-3
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