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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1661
Title of bill
An act to amend the tax law, in relation to increasing the exemption for pensions and annuities for certain persons
Title of bill
An act to amend the tax law, in relation to increasing the exemption for pensions and annuities for certain persons
Purpose or general idea of bill
To ensure that the tax law regarding pensions and annuities is current and reflects a more realistic exemption by raising the ceiling from the first twenty-thousand to fifty- thousand dollars to be tax exempt.
Summary of specific provisions
Section 1 amends section 612, paragraph 3-a of sub-section (c) of the tax law by omitting twenty and adding fifty pensions and annuities received by an individual who has attained the age of fifty-nine and one-half, to the extent includible in gross income not in excess of fifty thousand dollars. Specifically periodic payments that come from a contribution to an employment based retirement plan or an individual annuity plan which are deductible for federal income tax purposes.
Justification
This bill would update an antiquated tax ceiling established in 1981. Since the enactment of this law the average Cost of Living Allowance (COLA) increase to Social Security payments has been approximately 3 percent, according to the Bureau of Labor and statistics and the Consumer price Index for Urban Wage Earners and Clerical workers (CPI-W).
In the past several years many citizens have, out of necessity, had to work past minimum retirement age in order to maintain their income level and increase their retirement benefits. This bill will not only modernize cur tax code but allow retirement age citizens collecting these payments to be more fiscally solvent and improve their quality of life.
Prior legislative history
S. 6317 of 2011-12; referred to Investigations and Government Operations
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall be deemed to have been in full force and effect on and after the first of January of the year in which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.