Bill Text: NY S08901 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes a tax deduction for a taxpayer who is a beneficiary of a deferred compensation plan and who elects to make a distribution of such deferred compensation in order to pay for qualified health insurance premiums, in an amount equal to six thousand dollars.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-03-26 - REFERRED TO BUDGET AND REVENUE [S08901 Detail]

Download: New_York-2023-S08901-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8901

                    IN SENATE

                                     March 26, 2024
                                       ___________

        Introduced by Sen. OBERACKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law, in relation to establishing a tax deduction
          for  a  beneficiary  of  a  deferred  compensation  plan who uses such
          distribution to pay for qualified health insurance premiums

          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 48 to read as follows:
     3    (48) In the case of a taxpayer who is  a  beneficiary  of  a  deferred
     4  compensation  plan, as authorized under section four-hundred fifty-seven
     5  of the internal revenue code, and elects to make a distribution of  such
     6  deferred  compensation  in  order  to pay for qualified health insurance
     7  premiums, an amount equal to six thousand dollars.
     8    § 2. This act shall take effect immediately and  shall  apply  to  all
     9  taxable years beginning on or after January 1, 2024.







         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14054-01-4