Assembly Bill A2033

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2033
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2025
                                ___________
 
 Introduced by M. of A. SMULLEN, McDONOUGH, LEMONDES, MIKULIN, DeSTEFANO,
   MANKTELOW,  MAHER,  DURSO,  BRABENEC,  ANGELINO, BLANKENBUSH, BENDETT,
   E. BROWN, HAWLEY -- read once and referred to the  Committee  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, 2025.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04562-01-5