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Bill > A07973
NY A07973
NY A07973Includes retirement plans in the exemption for pensions and annuities for certain persons; increases such exemption to one hundred thousand dollars as adjusted by the consumer price index annually.
summary
Introduced
08/18/2023
08/18/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to including retirement plans in the exemption for pensions and annuities for certain persons and to increasing such exemption
AI Summary
This bill amends the New York tax law to include retirement plans in the exemption for pensions and annuities for certain persons. The bill also increases the exemption amount from $20,000 to $100,000 for any taxable year beginning on or after January 1, 2028, with annual adjustments based on the consumer price index. The key provisions of the bill are the expansion of the exemption to include retirement plans and the gradual increase in the exemption amount over several years.
Committee Categories
Budget and Finance
Sponsors (21)
Matt Slater (R)*,
Joe Angelino (R),
Anil Beephan Jr. (R),
Scott Bendett (R),
Ken Blankenbush (R),
Karl Brabenec (R),
Ari Brown (R),
Keith Brown (R),
Marjorie Byrnes (R),
Joe DeStefano (R),
Michael Durso (R),
Ed Flood (R),
Jeff Gallahan (R),
Jarett Gandolfo (R),
Scott Gray (R),
Steve Hawley (R),
Josh Jensen (R),
Brian Maher (R),
Brian Miller (R),
Chris Tague (R),
Mary Beth Walsh (R),
Last Action
held for consideration in ways and means (on 06/07/2024)
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/2023/A7973 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07973&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07973 |
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