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NY S05294

Bill

Official Source

Status

Introduced

5/12/2015

Primary Sponsor

William Larkin

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Origin

Senate

2015-2016 General Assembly

AI Summary

  • Excludes annuity-to-annuity exchanges that result in non-taxable gain (as determined under Internal Revenue Code Section 1035) from income calculations for senior property tax exemptions.

  • Requires satisfactory proof that the annuity exchange was solely a non-taxable transfer under Internal Revenue Code Section 1035 to qualify for the exclusion.

  • Applies to income determinations for senior property tax exemption eligibility under Real Property Tax Law Section 467.

  • Takes effect immediately upon enactment.

Legislative Description

Relates to excluding annuity roll-over transfers from taxable income for seniors.

Last Action

PRINT NUMBER 5294A

5/27/2016

Committee Referrals

Aging5/12/2015

Full Bill Text

No bill text available