Bill Text: NY A01867 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 1867

Introduced

Bill Title: 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.

Spectrum: Strong Partisan Bill (Democrat 16-1)

Status: (Introduced) 2024-01-03 - referred to ways and means [A01867 Detail]

Download: New_York-2023-A01867-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          1867

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    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:

     1    Section  1. Subsection (c) of section 612 of the tax law is amended by
     2  adding a new paragraph 47 to read as follows:
     3    (47) 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, 2023 and shall also apply to  all
    14  other  taxable  years for which the statute of limitations for seeking a
    15  refund are still open.  Effective immediately, the  addition,  amendment
    16  and/or repeal of any rule or regulation necessary for the implementation
    17  of  this  act  on  its  effective  date  are  authorized  to be made and
    18  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