Bill Text: NY S06370 | 2019-2020 | General Assembly | Amended

New York Senate Bill 6370 (Prior Session Legislation)

Bill Title: Exempts certain retirement plan distributions for income tax purposes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-02-07 - PRINT NUMBER 6370A [S06370 Detail]

Download: New_York-2019-S06370-Amended.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                         6370--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                      June 6, 2019
                                       ___________

        Introduced  by  Sen.  BROOKS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules  --  recommitted  to
          the  Committee on Budget and Revenue in accordance with Senate Rule 6,
          sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
          amended and recommitted to said committee

        AN  ACT  to amend the tax law, in relation to exempting certain distrib-
          utions from eligible retirement plans for income tax purposes

          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 43 to read as follows:
     3    (43) Distributions from an eligible retirement plan, as such  term  is
     4  defined  in  subparagraph  (B)  of  paragraph  (8)  of subsection (c) of
     5  section four hundred two of the Internal Revenue Code, made on or  after
     6  October  twenty-ninth,  two  thousand  twelve. In order to be subtracted
     7  from federal adjusted gross income,  the  taxpayer's  primary  residence
     8  must have incurred severe damage due to Superstorm Sandy as such term is
     9  defined in subdivision five of section two of chapter four hundred twen-
    10  ty-four  of the laws of two thousand thirteen and such primary residence
    11  was located in the presidentially declared disaster zone.
    12    § 2. This act shall take effect immediately and shall apply to taxable
    13  years beginning on or after January 1, 2021 and shall also apply to  all
    14  other  taxable  years for which the statute of limitations for seeking a
    15  refund are still open. The  commissioner  of  taxation  and  finance  is
    16  authorized  to  promulgate  rules and regulations necessary to implement
    17  this act.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09048-03-0