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NY A06503
Bill
Status
Introduced
3/21/2011
Primary Sponsor
Brian Kolb
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AI Summary
- Increases the annual pension and annuity exclusion from $20,000 to $100,000 for New York State income tax purposes
- Eliminates the age 59½ requirement that currently restricts the pension exclusion to older individuals
- Applies the exclusion to pensions and annuities from employer-employee relationships and tax-deductible retirement plans, but excludes lump sum distributions
- For married couples filing jointly, the modification is computed as if filing separate returns, meaning each spouse can claim up to $100,000 in exclusions
- Takes effect immediately and applies retroactively to January 1st of the year the law becomes effective
Legislative Description
Relates to making the first one hundred thousand dollars of an individual's private pension non-taxable.
Last Action
held for consideration in ways and means
6/19/2012
Committee Referrals
Ways and Means3/21/2011
Full Bill Text
No bill text available