Bill
Bill > S00020
NY S00020
NY S00020Grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance; exempts distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance.
summary
Introduced
01/06/2021
01/06/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance; exempts distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance.
AI Summary
This bill grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance. It also exempts distributions from individual retirement accounts (IRAs) and individual retirement annuities (IRAs) from state personal income taxation when such distributions are used to purchase long-term health care insurance. The bill provides that any amount subtracted from federal adjusted gross income for this purpose must also be subtracted from the amount of premium paid when calculating the existing 20% tax credit for long-term care insurance premiums.
Committee Categories
Budget and Finance
Sponsors (7)
Shelley Mayer (D)*,
Neil Breslin (D),
John Brooks (D),
James Gaughran (D),
Robert Jackson (D),
Liz Krueger (D),
John Liu (D),
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S20 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00020&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00020 |
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