Establishes an exemption from the state personal income tax for certain veterans seventy-five years of age or older

3 Co-sponsors

• Marc Butler
• Andrew Raia
• Fred Thiele

4 Multi-sponsors

• James Conte
• Stephen Hawley
• Thomas McKevitt
• Mike Spano

BILL NUMBER:A10823

Title of bill

An act to amend the tax law, in relation to establishing an exemption from the state personal income tax for certain veterans seventy-five years of age or older

Purpose or general idea of the bill

This bill would amend the tax law to exempt veterans age seventy-five years or older, with an annual gross income of less than $40,000 from paying state personal income tax. SUMMARY OF SPECIFIC PROVISIONS: Section 601 of the tax law is amended by adding a new subsection (g-1). A taxpayer shall be exempt from State personal income tax under this article if he or she is a veteran of the armed forces of the United States, as defined in section thirteen-a of the general construction law, with an annual total gross income of less than forty thousand dollars and is seventy-five years of age or older.

Justification

This exemption from personal income tax is only one way for the State of New York to express their gratitude to these men and women who have served our country. Not only does this recognize their service, but provides them with more money during their retirement years.

Prior legislative history

2008: A.5265; Held for consideration in Ways and Means 2007:" A.5265; Referred to Ways and Means 2006: A.3843; Referred to Ways and Means 2005: A.3843; Referred to Ways and Means 2004: A.2324; Held for consideration in Ways and Means 2003: A.2324;. Referred to Ways and Means 2002: A.7517-; Held for consideration in Ways and Means 2001: A.7517; Referred to Ways and Means

Fiscal implications

To Be Determined

Effective date

This act shall take effect immediately and shall apply to taxable years beginning on or after the first of January next succeeding the date on which it shall have become a law.