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Who cares
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Sponsors
1 Co-sponsor
History
- Print number 5726a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
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.
Exempts certain retirement plan distributions for income tax purposes
In Senate Committee · Investigations And Government Operations · Sponsor Todd Kaminsky
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to exempting certain distributions from eligible retirement plans for income tax purposes
Purpose or general idea of bill
To adjust the taxable income of individuals who were forced to withdraw funds from certain retirement accounts in order to repair their severely damaged primary residences following Superstorm Sandy.
Summary of specific provisions
Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 44.
Justification
In the aftermath of Superstonn Sandy, many individuals sustained severe damage to their homes and were left homeless or with a portion of their home uninhabitable while awaiting insurance payments and federal and state aid to begin repairs. The process of securing assistance was a lengthy one, and countless families were forced to withdraw funds from retirement savings in order to start or complete repairs. In making those withdrawals, homeowners incurred an income tax burden that penalized them for the early withdrawal of retirement fund resources by increasing their adjustable taxable income by the amount withdrawn from the retirement plan.
This bill will accordingly adjust the income tax burden of those individuals who made such withdrawals to repair their homes. In order to be eligible for such adjustment, the taxpayer's primary residence must have incurred severe damage due to Superstorm Sandy and the residence must be located in the presidentially declared disaster zone.
Prior legislative history
New bill.
Fiscal implications
Revenue loss to the state.
Effective date
Takes effect immediately and shall apply to taxable years beginning on or after January 1, 2016 and shall also apply to all other taxable years for which the statute of limitations for seeking a refund are still open.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.