Bill > A02343

This bill exempts veterans who are 85 years of age or older from paying New York state income tax, starting with taxable years beginning after December 31, 2026. Specifically, the legislation amends the state tax law to create a new subsection that provides a full income tax exemption for residents who meet two key criteria: first, they must be at least 85 years old as of the end of the taxable year, and second, they must qualify as a veteran under subdivision three of section thirty-two of the veterans' services law. The exemption applies to all gross income, regardless of whether that income is subject to federal income taxation. This means that eligible veterans who are 85 or older will not have to pay any New York state income tax on any of their earnings or other income sources. The bill is designed to provide significant tax relief for elderly veterans, recognizing their service and potentially helping to ease their financial burden in retirement. The legislation will take effect immediately upon passage and will apply to all taxable years starting on or after January 1, 2027.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2343