Bill > A00666

This bill modifies New York state tax law to include distributions from a Thrift Savings Plan (TSP) in the calculation of income for the Enhanced STAR (School Tax Relief) exemption program. Specifically, the bill amends existing provisions related to income calculations for property tax exemptions by adding TSP distributions to the list of distributions that are reduced from the adjusted gross income when determining eligibility. The TSP, which is a retirement savings and investment plan for federal employees and members of the uniformed services, will now be treated similarly to individual retirement accounts and individual retirement annuities in these income calculations. The bill also updates language around income reporting, replacing gendered terms like "his or her" with more neutral phrasing like "the individual's". The changes will apply to tax years beginning on or after January 1st, and require individuals who did not file a tax return to submit a statement detailing their income sources. The bill aims to provide clarity and consistency in how retirement plan distributions are considered when determining property tax relief eligibility for New York state residents.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A666