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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Exempts veterans eighty-five years of age and older from the obligation to pay New York state income tax
In Assembly Committee · Ways And Means · Sponsor Stephen Hawley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1050
Title of bill
An act to amend the tax law, in relation to exempting veterans eighty-five years of age and older from the obligation to pay New York state income tax
Purpose
This bill will exempt veterans eighty-five years of age and older from the obligation to pay New York state income tax.
Summary of specific provisions
Section 1. Section 601 of the tax is amended by adding a new subsection (d-i) to read as follows:
(d-i) Notwithstanding the provisions of subsections (a), (b), (c) and (d) of this section, for taxable years beginning after December thirty-first, two thousand thirteen, the income of any resident individual eighty-five years of age and older who qualifies as a veteran under the provisions of subdivision three of section three hundred fifty of the executive law shall be exempt from taxation under this article regardless of whether such income is subject to federal income taxation.
Justification
After serving our country with honor and courage the veterans of New York state who reach the milestone of eighty-five years young, who have given so much to their communities, deserve respect and admiration during these years of their lives.
Prior legislative history
S.7014 of 2009/2010: Referred to Investigations & Government Operations S.146A/A.1302A of 2011/2012: Referred to Investigations & Government Operations
Fiscal implications
It is estimated to reduce revenues by $6 million in SFY 2011-12 and $23 million annually in subsequent fiscal years.
Effective date
This act shall take effect immediately and shall apply to all taxable years commencing on or after January 1, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.