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Assembly Bill A9178

2023-2024 Legislative Session

Establishes a deferred compensation health insurance premium deduction

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Archive: Last Bill Status - In Assembly Committee

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2023-A9178 (ACTIVE) - Details

See Senate Version of this Bill:
S8901
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2025-2026 Legislative Session:
A2033

2023-A9178 (ACTIVE) - Summary

Establishes a tax deduction for a taxpayer who is a beneficiary of a deferred compensation plan and who elects to make a distribution of such deferred compensation in order to pay for qualified health insurance premiums, in an amount equal to six thousand dollars.

2023-A9178 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9178
 
                           I N  A S S E M B L Y
 
                             February 12, 2024
                                ___________
 
 Introduced  by M. of A. SMULLEN -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing a tax deduction
   for a beneficiary of  a  deferred  compensation  plan  who  uses  such
   distribution to pay for qualified health insurance premiums
 
   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 48 to read as follows:
   (48)  IN  THE  CASE  OF  A TAXPAYER WHO IS A BENEFICIARY OF A DEFERRED
 COMPENSATION PLAN, AS AUTHORIZED UNDER SECTION FOUR-HUNDRED  FIFTY-SEVEN
 OF  THE INTERNAL REVENUE CODE, AND ELECTS TO MAKE A DISTRIBUTION OF SUCH
 DEFERRED COMPENSATION IN ORDER TO PAY  FOR  QUALIFIED  HEALTH  INSURANCE
 PREMIUMS, AN AMOUNT EQUAL TO SIX THOUSAND DOLLARS.
   §  2.  This  act  shall take effect immediately and shall apply to all
 taxable years beginning on or after January 1, 2024.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14054-01-4

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