Bill > A03493

This bill amends New York state tax law to include pensions from defined benefit plans in the state's tax exclusion calculation. A defined benefit plan is a traditional pension where an employer promises a specified monthly benefit upon retirement based on factors like salary history and duration of employment. Specifically, the bill modifies Section 612 of the tax law to allow individuals to exclude pensions from a defined benefit plan from their federal adjusted gross income when calculating New York state taxes, to the extent those pension amounts are already includible in gross income for federal income tax purposes. The amendment will apply to all taxable years beginning on or after the date of enactment, meaning eligible taxpayers can immediately start applying this new tax exclusion when filing their state tax returns. This change could potentially provide tax relief for retirees receiving pension income from traditional defined benefit retirement plans.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3493