Bill Text: NY A07526 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to employer sponsored retirement plans; includes such plans in the term "income".

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2012-01-04 - referred to real property taxation [A07526 Detail]

Download: New_York-2011-A07526-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7526
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 10, 2011
                                      ___________
       Introduced by M. of A. McKEVITT -- read once and referred to the Commit-
         tee on Real Property Taxation
       AN  ACT  to  amend the real property tax law, in relation to an employer
         sponsored retirement plan
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subparagraph  (ii)  of  paragraph (b) of subdivision 4 of
    2  section 425 of the real property tax law, as amended  by  section  3  of
    3  part E of chapter 83 of the laws of 2002, is amended to read as follows:
    4    (ii)  The  term "income" as used herein shall mean the "adjusted gross
    5  income" for federal income tax purposes as reported on  the  applicant's
    6  federal  or  state income tax return for the applicable income tax year,
    7  subject to any subsequent amendments or revisions, reduced  by  distrib-
    8  utions,  to  the  extent  included  in  federal  adjusted  gross income,
    9  received from an individual  retirement  account  [and],  an  individual
   10  retirement  annuity  AND AN EMPLOYER SPONSORED RETIREMENT PLAN; provided
   11  that if no such return was filed for the  applicable  income  tax  year,
   12  "income"  shall  mean  the adjusted gross income that would have been so
   13  reported if such a return had been filed.
   14    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11052-01-1