Bill Text: NY A06660 | 2017-2018 | General Assembly | Amended

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

Spectrum: Slight Partisan Bill (Democrat 25-10)

Status: (Engrossed - Dead) 2018-06-06 - REFERRED TO RULES [A06660 Detail]

Download: New_York-2017-A06660-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6660--A
                                                                Cal. No. 466
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     March 10, 2017
                                       ___________
        Introduced  by  M.  of  A.  JEAN-PIERRE,  M. L. MILLER  -- read once and
          referred to the Committee on Ways and Means  --  ordered  to  a  third
          reading,  amended  and  ordered  reprinted, retaining its place on the
          order of third reading
        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, 2019 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.
                                                                   LBD09181-04-8