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