Bill > S03943

This bill amends the New York state tax law to increase the amount of pensions and annuities that can be excluded from personal income taxation. Specifically, it raises the exclusion limit from $20,000 to $35,000 for individuals who have attained the age of 59.5 and receive pensions or annuities from an employer-employee relationship, retirement plan contributions, individual retirement accounts, or self-employed retirement plans. The bill applies to taxable years beginning on or after January 1, 2020.