Bill > S09585

This bill amends the New York state tax law to increase the maximum pension and annuity exclusion from federal adjusted gross income from $20,000 to $22,000. This exclusion applies to individuals who have attained the age of 59.5 and receive periodic pension or annuity payments from an employer-employee relationship, retirement plan contributions, or certain retirement accounts. The bill also clarifies that the exclusion applies to payments received by a deceased individual's beneficiary. The changes in this bill will take effect immediately and apply to taxable years starting on or after the effective date.