Loading chat...
NY S03082
Bill
Status
1/23/2025
Primary Sponsor
Pamela Helming
Click for details
AI Summary
-
Expands the definition of "income" for Enhanced STAR school tax relief eligibility by excluding additional retirement account distributions from income calculations
-
Adds distributions from 401(k) accounts, 403(b) accounts, and Simplified Employee Pension (SEP) plans to the list of retirement income that can be deducted when determining eligibility
-
Currently, only distributions from individual retirement accounts (IRAs) and individual retirement annuities are excluded from income calculations for Enhanced STAR purposes
-
Allows seniors to qualify for Enhanced STAR exemptions even if their retirement distributions would otherwise push them over income thresholds
-
Takes effect on January 1 following enactment
Legislative Description
Relates to the term "income" for purposes of the school tax relief exemption; adds 401(k) and 403(b) accounts to the list of eligible income deductions when determining Enhanced STAR eligibility.
Last Action
REFERRED TO AGING
1/7/2026