What's happening
This bill exempts veterans aged 75 or older with annual incomes under $40,000 from New York State personal income tax.
Why it matters
Provides targeted tax relief to low-income elderly veterans. , potentially improving their financial stability and quality of life during retirement by reducing their state tax burden.
Recognizes and honors military service. by specifically focusing benefits on those who served in the armed forces, signaling state-level appreciation and support for aging veterans.
May encourage older veterans to remain in or move to New York. , as the exemption could make the state more financially attractive for a vulnerable population segment.
Could have implications for state revenue and budget planning. , as it carves out a new tax exemption for a specific group, potentially setting a precedent for similar targeted tax benefits.
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Who cares
Headline styles
End Income Tax for Elderly Veterans
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to veterans, homeland security and military affairs
- Referred to veterans, homeland security and military affairs
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4270
2017-2018 Regular Sessions
IN SENATE
February 7, 2017
Introduced by Sen. TEDISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Veterans, Homeland Security and Military Affairs
AN ACT to amend the tax law, in relation to establishing an exemption from the state personal income tax for certain veterans seventy-five years of age or older
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 601 of the tax law is amended by adding a new subsection (g-1) to read as follows:
(g-1) Exempt veterans. Notwithstanding any other provision of law to the contrary, a taxpayer shall be exempt from the tax under this article if he or she is a veteran of the armed forces of the United States, as defined in section thirteen-a of the general construction law, with an annual total gross income of less than forty thousand dollars and is seventy-five years of age or older.
§ 2. This act shall take effect immediately and shall apply to taxable years beginning on or after the first of January next succeeding the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06377-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establishing an exemption from the state personal income tax for certain veterans seventy-five years of age or older
Purpose or general idea of the bill
This bill would amend the tax law to exempt veterans age seventy-five years or older, with an annual gross income of less than $40,000 from paying state personal income tax.
Summary of specific provisions
Section 601 of the tax law is amended by adding a new subsection (g-1).
A taxpayer shall be exempt from State personal income tax under this article if he or she is a veteran of the armed forces of the United States, as defined in section thirteen-a of the general construction law, with an annual total gross income of less than forty thousand dollars and is seventy-five years of age or older.
Justification
This exemption from personal income tax is only one way for the State of New York to express their gratitude to these men and women who have served our country. Not only does this recognizes their service, but provides them with more money during their retirement years.
Prior legislative history
New Bill
Fiscal implications
To Be Determined
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.