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Sponsor's memo
BILL NUMBER:A9515
Title of bill
An act to amend the tax law, in relation to increasing amounts of tax exemptions with respect to pensions and annuities
Summary of provisions
Section 1 amends paragraph 3-a of subsection 612 of the tax law as amended by chapter 760 of the laws of 1992.
Section 2 amends paragraph 3-b of subsection c of section 612 of the tax law, as added by chapter 961 of the laws of 1984 as well as subparagraphs i and ii as amended by chapter 28 of the laws of 1987.
Section 3 provides for an effective date.
Justification
New Yorkers who spent their careers in the private sector must pay state taxes on any amount over $20,000. Public sector retirees pay no state taxes on their pensions. This legislation raises the private sector exemption amount from $20,000 to $30,000, providing some tax relief to New York residents who are feeling the effects of the financial downturn.
Prior legislative history
This is a new bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to all taxable years commencing on or after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.