Bill Text: NY A02155 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the tax law, in relation to exempting distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance

Spectrum: Partisan Bill (Democrat 24-0)

Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A02155 Detail]

Download: New_York-2009-A02155-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2155
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 15, 2009
                                      ___________
       Introduced  by  M.  of A. ENGLEBRIGHT, P. RIVERA, HEASTIE, KOON, GREENE,
         CHRISTENSEN, ABBATE, CAHILL, MAGNARELLI -- Multi-Sponsored by -- M. of
         A. ARROYO, BOYLAND, COLTON, COOK, DESTITO,  JACOBS,  MARKEY,  McENENY,
         PEOPLES,  PERRY,  PHEFFER, J. RIVERA, SCHIMMINGER, SCHROEDER, SWEENEY,
         WEISENBERG -- read once and referred to  the  Committee  on  Ways  and
         Means
       AN ACT to amend the tax law, in relation to exempting distributions from
         individual  retirement  accounts  and  individual retirement annuities
         from state personal income taxation when such distributions  are  used
         to purchase long-term health care insurance
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (c) of section 612 of the tax law is amended  by
    2  adding a new paragraph 3-d to read as follows:
    3    (3-D)  DISTRIBUTIONS RECEIVED BY AN INDIVIDUAL, NOT OTHERWISE EXCLUDED
    4  PURSUANT TO PARAGRAPH THREE OR THREE-A OF THIS SUBSECTION, TO THE EXTENT
    5  INCLUDABLE IN GROSS INCOME FOR FEDERAL INCOME TAX  PURPOSES,  WHICH  ARE
    6  ATTRIBUTABLE  TO  PERSONAL  SERVICES  PERFORMED  BY SUCH INDIVIDUAL FROM
    7  EMPLOYMENT, WHICH ARISE (I) FROM AN  EMPLOYER-EMPLOYEE  RELATIONSHIP  OR
    8  (II)  FROM  CONTRIBUTIONS  TO A RETIREMENT PLAN WHICH ARE DEDUCTIBLE FOR
    9  FEDERAL INCOME TAX PURPOSES, TO THE EXTENT SUCH DISTRIBUTIONS  ARE  USED
   10  DURING  THE  TAXABLE  YEAR TO PURCHASE A POLICY OF LONG-TERM CARE INSUR-
   11  ANCE, AS DEFINED IN SECTION ELEVEN HUNDRED SEVENTEEN  OF  THE  INSURANCE
   12  LAW,  FOR  SUCH  INDIVIDUAL  OR  A  DEPENDENT  OF  SUCH INDIVIDUAL. SUCH
   13  DISTRIBUTIONS SHALL INCLUDE DISTRIBUTIONS FROM AN INDIVIDUAL  RETIREMENT
   14  ACCOUNT  OR AN INDIVIDUAL RETIREMENT ANNUITY, AS DEFINED IN SECTION FOUR
   15  HUNDRED EIGHT OF THE  INTERNAL  REVENUE  CODE,  AND  DISTRIBUTIONS  FROM
   16  SELF-EMPLOYED INDIVIDUAL AND OWNER-EMPLOYEE RETIREMENT PLANS WHICH QUAL-
   17  IFY UNDER SECTION FOUR HUNDRED ONE OF THE INTERNAL REVENUE CODE.
   18    S 2. This act shall take effect immediately and shall apply to taxable
   19  years  commencing  on  January first in the year in which this act shall
   20  take effect and all subsequent taxable years.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01226-01-9