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