Bill > A04364

This bill adjusts New York state tax law to provide a tax exemption for individuals who were forced to withdraw funds from eligible retirement plans due to severe damage to their primary residences caused by Superstorm Sandy. Specifically, the bill allows taxpayers to subtract from their federal adjusted gross income distributions from retirement accounts if their primary residence was located in the presidentially declared disaster zone and suffered severe damage from the storm. The term "eligible retirement plan" is defined by the Internal Revenue Code, and the bill references the specific legal definition of Superstorm Sandy damage from a previous New York state law. The tax exemption will apply to taxable years beginning on or after January 1, 2025, and will also apply to any open tax years where a taxpayer could still seek a refund. By providing this tax relief, the bill aims to help individuals who were forced to use retirement savings to recover from the devastating effects of Superstorm Sandy without incurring additional financial penalties.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4364