What's happening
This bill provides a tax exemption for retired military personnel, allowing them to exclude 50% of certain income if working at least 25 hours per week.
Why it matters
Encourages Workforce Participation. By tying the tax exemption to employment of at least 25 hours per week, the bill incentivizes retired military personnel to stay active in the workforce, which could support economic productivity and personal financial stability.
Targets Financial Relief for Veterans. The exemption specifically applies to money received under section 215 of the military law (likely referencing retirement or pension income), which can ease financial pressures on retired military members as they transition to civilian life.
Potential Impact on State Revenues. Providing a 50% exemption on certain retirement income reduces taxable income for qualifying individuals, which could lead to lower state tax revenues, but may be justified by the broader social and economic benefits.
Sets Precedent for Veteran Benefits. If enacted, this measure could serve as a model or catalyst for similar policies in other states, reflecting a broader commitment to supporting veterans beyond their active service years.
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Who cares
Headline styles
Cut Taxes for Working Veterans
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3794
2019-2020 Regular Sessions
IN ASSEMBLY
January 31, 2019
Introduced by M. of A. ORTIZ, BENEDETTO -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to tax exemptions for certain retired military personnel
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 43 to read as follows:
(43) An amount equal to fifty percent of money received pursuant to section two hundred fifteen of the military law by a taxpayer for any taxable year in which the taxpayer has been employed, on average, a minimum of twenty-five hours per week.
§ 2. This act shall take effect immediately and shall apply to any taxable year commencing after such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08192-01-9
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.