NY S06058

Amends the definition of "income" for the enhanced STAR property tax exemption to exclude distributions from a thrift savings plan established prior to January 1, 1984, in addition to existing exclusions for individual retirement account and annuity distributions.

Applies the same thrift savings plan distribution exclusion to both basic and enhanced STAR credits under the tax law.

Specifies that "income" means adjusted gross income as reported on federal or state income tax returns, reduced by qualifying retirement distributions.

Takes effect on January 1 following the date the bill becomes law.