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Who cares
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Sponsors
No co-sponsors yet.
History
- Print number 5294a
- Amend and recommit to aging
- Referred to aging
- Referred to aging
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to excluding annuity roll-over transfers from taxable income for seniors
In Senate Committee · Aging · Sponsor James Skoufis
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to excluding annuity roll-over transfers from taxable income for seniors
Purpose
To codify the exclusion of taxable income of an annuity for annuity exchange if such exchange was deemed to be non-taxable.
Summary of provisions
Exchange of an annuity for an annuity contract, which is generally treated a non-taxable transaction under the Internal Revenue Code, as determined in section one thousand thirty-five of the Internal Revenue Code, is not income in determining the eligibility for senior property tax exemption, provided that such exclusion shall be based on satisfactory proof that the exchange was solely annuity to annuity.
Justification
Local assessors determine income eligibility for those 65 and over under section 467 of the Real Property Tax Law, which requires an annual application. There are options within each localities to exclude certain types of income and, as such, the definition of income for the purposes of qualifying for the exemption can differ from municipality to municipality. This legislation would permanently prevent annuity transfers from being counted as income relative to Aged 467 Real Property Tax Exemptions that a municipality offers.
Legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.