What's happening
This bill allows distributions from employer sponsored retirement plans to be excluded from income when determining eligibility for property tax exemptions.
Why it matters
Could increase eligibility for property tax relief. By excluding employer-sponsored retirement plan distributions from income calculations, more retirees on fixed incomes may qualify for property tax exemptions, potentially easing their financial burden.
Levels the playing field with other retirement income. This amendment treats employer-sponsored plans the same as IRAs and annuities, which were already excluded, thereby providing a more consistent and fair approach to how retirement income affects property tax relief.
Might impact local property tax revenues. Expanding the pool of eligible residents for exemptions could reduce the taxable property base in some municipalities, possibly affecting funding for local services unless adjustments are made elsewhere.
Encourages retirement savings participation. Knowing that distributions from employer plans won’t count against property tax exemption eligibility may incentivize more workers to participate in or contribute to such plans, supporting greater retirement security.
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Who cares
Headline styles
Count Retirement Withdrawals as Income
Plain English, a few words. Used as the page title.
Sponsors
7 Co-sponsors
3 Multi-sponsors
History
- Referred to real property taxation
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
9706
IN ASSEMBLY
February 2, 2018
Introduced by M. of A. B. MILLER, MORINELLO, CROUCH, RAIA, HAWLEY, NORRIS, ERRIGO, MONTESANO -- Multi-Sponsored by -- M. of A. CASTORINA, CURRAN, D. ROSENTHAL -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to an employer sponsored retirement plan
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (ii) of paragraph (b) of subdivision 4 of section 425 of the real property tax law, as amended by section 3 of part E of chapter 83 of the laws of 2002, is amended to read as follows:
(ii) The term "income" as used herein shall mean the "adjusted gross income" for federal income tax purposes as reported on the applicant's federal or state income tax return for the applicable income tax year, subject to any subsequent amendments or revisions, reduced by distributions, to the extent included in federal adjusted gross income, received from an individual retirement account [and], an individual retirement annuity and an employer sponsored retirement plan; provided that if no such return was filed for the applicable income tax year, "income" shall mean the adjusted gross income that would have been so reported if such a return had been filed.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04666-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.