Bill Text: NY A08328 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides an exemption of fifty percent of a retired military employee's retirement allowance if such person has been employed, on average, twenty-five hours per week.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A08328 Detail]

Download: New_York-2015-A08328-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8328
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    August 5, 2015
                                      ___________
       Introduced  by  M. of A. ORTIZ, BENEDETTO -- Multi-Sponsored by -- M. of
         A. HOOPER -- read once and referred to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to tax exemptions  for  certain
         retired military personnel
         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 42 to read as follows:
    3    (42)  AN  AMOUNT  EQUAL TO FIFTY PERCENT OF MONEY RECEIVED PURSUANT TO
    4  SECTION TWO HUNDRED FIFTEEN OF THE MILITARY LAW BY A  TAXPAYER  FOR  ANY
    5  TAXABLE  YEAR  IN  WHICH  THE  TAXPAYER HAS BEEN EMPLOYED, ON AVERAGE, A
    6  MINIMUM OF TWENTY-FIVE HOURS PER WEEK.
    7    S 2. This act shall take effect immediately and  shall  apply  to  any
    8  taxable year commencing after such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04161-01-5