Bill Text: NY A09515 | 2009-2010 | General Assembly | Introduced
Bill Title: Increases amounts of tax exemptions from $20,000 to $30,000 with respect to pensions and annuities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-08 - referred to ways and means [A09515 Detail]
Download: New_York-2009-A09515-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
9515
I N A S S E M B L Y
January 8, 2010
___________
Introduced by M. of A. DelMONTE -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to increasing amounts of tax
exemptions with respect to pensions and annuities
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph 3-a of subsection (c) of section 612 of the tax
2 law, as amended by chapter 760 of the laws of 1992, is amended to read
3 as follows:
4 (3-a) Pensions and annuities received by an individual who has
5 attained the age of fifty-nine and one-half, not otherwise excluded
6 pursuant to paragraph three of this subsection, to the extent includible
7 in gross income for federal income tax purposes, but not in excess of
8 [twenty] THIRTY thousand dollars, which are periodic payments attribut-
9 able to personal services performed by such individual prior to his
10 retirement from employment, which arise (i) from an employer-employee
11 relationship or (ii) from contributions to a retirement plan which are
12 deductible for federal income tax purposes. However, the term "pensions
13 and annuities" shall also include distributions received by an individ-
14 ual who has attained the age of fifty-nine and one-half from an individ-
15 ual retirement account or an individual retirement annuity, as defined
16 in section four hundred eight of the internal revenue code, and distrib-
17 utions received by an individual who has attained the age of fifty-nine
18 and one-half from self-employed individual and owner-employee retirement
19 plans which qualify under section four hundred one of the internal
20 revenue code, whether or not the payments are periodic in nature. Never-
21 theless, the term "pensions and annuities" shall not include any lump
22 sum distribution, as defined in subparagraph (A) of paragraph four of
23 subsection (e) of section four hundred two of the internal revenue code
24 and taxed under section six hundred three of this article. Where a
25 husband and wife file a joint state personal income tax return, the
26 modification provided for in this paragraph shall be computed as if they
27 were filing separate state personal income tax returns. Where a payment
28 would otherwise come within the meaning of the term "pensions and annui-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14680-01-9
A. 9515 2
1 ties" as set forth in this paragraph, except that such individual is
2 deceased, such payment shall, nevertheless, be treated as a pension or
3 annuity for purposes of this paragraph if such payment is received by
4 such individual's beneficiary.
5 S 2. Paragraph 3-b of subsection (c) of section 612 of the tax law, as
6 added by chapter 961 of the laws of 1984, subparagraphs (i) and (ii) as
7 amended by chapter 28 of the laws of 1987, is amended to read as
8 follows:
9 (3-b) (i) Disability income included in federal gross income, to the
10 extent that such disability income would have been excluded from federal
11 gross income pursuant to the provisions of subsection (d) of section one
12 hundred five of the internal revenue code of nineteen hundred fifty-four
13 had such provisions continued in effect for taxable years commencing
14 after December thirty-first, nineteen hundred eighty-three as they were
15 in effect immediately prior to the repeal of such subsection. Notwith-
16 standing the foregoing, the sum of disability income excluded pursuant
17 to this paragraph, and pension and annuity income excluded pursuant to
18 paragraph three-a of this subsection, shall not exceed [twenty] THIRTY
19 thousand dollars.
20 (ii) Notwithstanding subsection (f) of this section, if a husband and
21 wife determine their federal income tax on a joint return but are
22 required to determine their New York income taxes separately, the
23 amounts of exclusion allowed under subparagraph (i) of this paragraph
24 shall be determined in the same joint manner as such amounts would have
25 been determined under the provisions of paragraph five of subsection (d)
26 of section one hundred five of the internal revenue code as such
27 provisions were in effect immediately prior to the repeal of such
28 subsection, but shall be attributed for New York income tax purposes to
29 the spouse who would have been required to report any such amount as
30 income if the spouses had determined their federal income taxes sepa-
31 rately.
32 (iii) Where a husband and wife file a joint state income tax return,
33 the [twenty] THIRTY thousand dollar limitation provided in subparagraph
34 (i) of this paragraph shall be applied as if they were filing separate
35 state income tax returns.
36 S 3. This act shall take effect immediately and shall apply to all
37 taxable years commencing on or after January 1, 2010.
