NY A02050

Exempts resident individuals who are at least 85 years old as of December 31 of the taxable year and qualify as veterans under New York Executive Law Section 350 from New York state income tax.

Applies to taxable years beginning on or after January 1, 2025.

Exemption applies regardless of whether the income is subject to federal income taxation.

Modifies Section 601 of the Tax Law by adding a new subsection (i) for the veteran exemption and relettering the existing subsection (i) to subsection (j).