Bill Text: NY A02155 | 2009-2010 | General Assembly | Introduced
Bill Title: An act to amend the tax law, in relation to exempting distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance
Spectrum: Partisan Bill (Democrat 24-0)
Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A02155 Detail]
Download: New_York-2009-A02155-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 2155 2009-2010 Regular Sessions I N A S S E M B L Y January 15, 2009 ___________ Introduced by M. of A. ENGLEBRIGHT, P. RIVERA, HEASTIE, KOON, GREENE, CHRISTENSEN, ABBATE, CAHILL, MAGNARELLI -- Multi-Sponsored by -- M. of A. ARROYO, BOYLAND, COLTON, COOK, DESTITO, JACOBS, MARKEY, McENENY, PEOPLES, PERRY, PHEFFER, J. RIVERA, SCHIMMINGER, SCHROEDER, SWEENEY, WEISENBERG -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to exempting distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance 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 3-d to read as follows: 3 (3-D) DISTRIBUTIONS RECEIVED BY AN INDIVIDUAL, NOT OTHERWISE EXCLUDED 4 PURSUANT TO PARAGRAPH THREE OR THREE-A OF THIS SUBSECTION, TO THE EXTENT 5 INCLUDABLE IN GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES, WHICH ARE 6 ATTRIBUTABLE TO PERSONAL SERVICES PERFORMED BY SUCH INDIVIDUAL FROM 7 EMPLOYMENT, WHICH ARISE (I) FROM AN EMPLOYER-EMPLOYEE RELATIONSHIP OR 8 (II) FROM CONTRIBUTIONS TO A RETIREMENT PLAN WHICH ARE DEDUCTIBLE FOR 9 FEDERAL INCOME TAX PURPOSES, TO THE EXTENT SUCH DISTRIBUTIONS ARE USED 10 DURING THE TAXABLE YEAR TO PURCHASE A POLICY OF LONG-TERM CARE INSUR- 11 ANCE, AS DEFINED IN SECTION ELEVEN HUNDRED SEVENTEEN OF THE INSURANCE 12 LAW, FOR SUCH INDIVIDUAL OR A DEPENDENT OF SUCH INDIVIDUAL. SUCH 13 DISTRIBUTIONS SHALL INCLUDE DISTRIBUTIONS FROM AN INDIVIDUAL RETIREMENT 14 ACCOUNT OR AN INDIVIDUAL RETIREMENT ANNUITY, AS DEFINED IN SECTION FOUR 15 HUNDRED EIGHT OF THE INTERNAL REVENUE CODE, AND DISTRIBUTIONS FROM 16 SELF-EMPLOYED INDIVIDUAL AND OWNER-EMPLOYEE RETIREMENT PLANS WHICH QUAL- 17 IFY UNDER SECTION FOUR HUNDRED ONE OF THE INTERNAL REVENUE CODE. 18 S 2. This act shall take effect immediately and shall apply to taxable 19 years commencing on January first in the year in which this act shall 20 take effect and all subsequent taxable years. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01226-01-9