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NY A01565
Bill
Status
Introduced
1/9/2013
Primary Sponsor
Brian Kolb
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AI Summary
- Increases the non-taxable pension and annuity exclusion from twenty thousand dollars to one hundred thousand dollars for individuals receiving private pensions
- Removes the age requirement of fifty-nine and one-half years old that previously limited pension exclusion eligibility
- Applies the modification equally to married couples filing jointly by computing the exclusion as if they were filing separate returns
- Excludes lump sum distributions and maintains existing restrictions on certain retirement account types from the exemption
- Becomes effective immediately and applies retroactively to January 1 of the year the legislation becomes law
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
6/17/2014
Committee Referrals
Ways and Means1/9/2013
Full Bill Text
No bill text available