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NY A05193

Bill

Official Source

Status

Introduced

2/13/2015

Primary Sponsor

Brian Kolb

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Removes the age 59½ requirement for pension and annuity exclusions, making the exemption available to individuals of any age
  • Increases the excludable amount of pensions and annuities from $20,000 to $100,000 per individual
  • Applies the exclusion to periodic payments from employer-employee relationships and deductible retirement plan contributions
  • For married couples filing jointly, the $100,000 exclusion is calculated separately for each spouse as if they filed separate returns
  • Extends the exclusion to beneficiaries who receive pension payments after the original recipient's death

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

6/15/2016

Committee Referrals

Ways and Means2/13/2015

Full Bill Text

No bill text available