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NY A07973
Bill
Status
8/18/2023
Primary Sponsor
Matthew Slater
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AI Summary
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Expands the pension and annuity exemption under New York tax law to include distributions from individual retirement accounts, individual retirement annuities, and self-employed retirement plans for individuals age 59½ and older.
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Increases the exemption amount from $20,000 to $40,000 for tax years beginning January 1, 2025, $60,000 for 2026, $80,000 for 2027, and $100,000 for 2028 and beyond.
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Applies annual cost-of-living adjustments to the $100,000 exemption amount based on the consumer price index for all-urban consumers, measured as the average of the twelve-month period ending August 31.
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Requires married couples filing jointly to compute the exemption as if filing separate returns to prevent doubling of the benefit.
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Takes effect immediately upon enactment.
Legislative Description
Includes retirement plans in the exemption for pensions and annuities for certain persons; increases such exemption to one hundred thousand dollars as adjusted by the consumer price index annually.
Last Action
held for consideration in ways and means
6/7/2024