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NY S09585

Bill

Official Source

Status

Introduced

10/28/2022

Primary Sponsor

Andrew Lanza

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Increases the maximum pension and annuity exclusion from federal adjusted gross income from $20,000 to $22,000 for individuals age 59½ and older
  • Applies to periodic pension and annuity payments attributable to personal services performed before retirement that arise from employer-employee relationships or deductible retirement plan contributions
  • Includes distributions from individual retirement accounts, individual retirement annuities, and self-employed retirement plans qualifying under IRC section 401
  • Excludes lump sum distributions as defined in IRC section 402(e)(4)(D)
  • Takes effect immediately and applies to all taxable years beginning on and after enactment

Legislative Description

Increases the maximum pension and annuity exclusion from federal adjusted gross income to $22,000.

Last Action

REFERRED TO RULES

10/28/2022

Committee Referrals

Rules10/28/2022

Full Bill Text

No bill text available