Bill Text: NY S05726 | 2015-2016 | General Assembly | Amended
Bill Title: Exempts certain retirement plan distributions for income tax purposes.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-01-15 - PRINT NUMBER 5726A [S05726 Detail]
Download: New_York-2015-S05726-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5726--A 2015-2016 Regular Sessions IN SENATE June 1, 2015 ___________ Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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, 2016 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. LBD10816-04-6
