Bill Text: NY A00848 | 2021-2022 | General Assembly | Introduced


Bill Title: Exempts certain retirement plan distributions for income tax purposes.

Spectrum: Strong Partisan Bill (Democrat 22-2)

Status: (Engrossed - Dead) 2022-03-09 - REFERRED TO BUDGET AND REVENUE [A00848 Detail]

Download: New_York-2021-A00848-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                           848

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by  M.  of A. JEAN-PIERRE, HUNTER, HYNDMAN, LAVINE, DICKENS,
          NIOU, SIMON, ENGLEBRIGHT, SMITH, MIKULIN, WILLIAMS, TAYLOR, FERNANDEZ,
          RAMOS, RICHARDSON, COOK, PEOPLES-STOKES, DILAN --  Multi-Sponsored  by
          --  M.  of A. ABBATE, 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:

     1    Section 1. Subsection (c) of section 612 of the tax law is amended  by
     2  adding a new paragraph 44 to read as follows:
     3    (44)  Distributions  from an eligible retirement plan, as such term is
     4  defined in subparagraph (B)  of  paragraph  (8)  of  subsection  (c)  of
     5  section  four hundred two of the Internal Revenue Code, made on or after
     6  October twenty-ninth, two thousand twelve. In  order  to  be  subtracted
     7  from  federal  adjusted  gross  income, the taxpayer's primary residence
     8  must have incurred severe damage due to Superstorm Sandy as such term is
     9  defined in subdivision five of section two of chapter four hundred twen-
    10  ty-four of the laws of two thousand thirteen and such primary  residence
    11  was located in the presidentially declared disaster zone.
    12    § 2. This act shall take effect immediately and shall apply to taxable
    13  years  beginning on or after January 1, 2022 and shall also apply to all
    14  other taxable years for which the statute of limitations for  seeking  a
    15  refund  are  still  open.  The  commissioner  of taxation and finance is
    16  authorized to promulgate rules and regulations  necessary  to  implement
    17  this act.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03664-01-1
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