Exempts veterans eighty-five years of age and older from the obligation to pay New York state income tax.
TITLE OF BILL: An act to amend the tax law, in relation to exempting veterans eightyfive years of age and older from the obligation to pay New York state income tax
PURPOSE: This bill will exempt veterans eighty-five years of age and older from the obligation to pay New York state income tax.
SUMMARY OF SPECIFIC PROVISIONS: Section 1. Section 601 of the tax is amended by adding a new subsection (d-1) to read as follows:
(d-1) Notwithstanding the provisions of subsections (a), (b), (c) and (d) of this section, for taxable years beginning after December thirtyfirst, two thousand ten, the income of any resident individual eightyfive years of age and older who qualifies as a veteran under the provisions of subdivision three of section three hundred fifty of the executive law shall be exempt from taxation under this article regardless of whether such income is subject to federal income taxation.
JUSTIFICATION: After serving our country with honor and courage the veterans of New York state who reach the milestone of eighty-five years young, who have given so much to their communities, deserve respect and admiration during these years of their lives.
PRIOR LEGISLATIVE HISTORY: S.7014 of 2009/2010: Referred to Investigations & Government Operations
FISCAL IMPLICATIONS: It is estimated to reduce revenues by $6 million in SFY 2011-12 and $23 million annually in subsequent fiscal years.
EFFECTIVE DATE: This act shall take effect immediately and shall apply to all taxable years commencing on or after January 1, 2013.
STATE OF NEW YORK ________________________________________________________________________ 146--A 2011-2012 Regular Sessions IN SENATE (PREFILED) January 5, 2011 ___________Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to exempting veterans eighty- five years of age and older from the obligation to pay New York state income tax THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (i) of section 601 of the tax law is relettered subsection (j) and a new subsection (i) is added to read as follows: (I) VETERANS OVER EIGHTY-FIVE YEARS OF AGE. NOTWITHSTANDING THE PROVISIONS OF SUBSECTIONS (A), (B), (C) AND (D) OF THIS SECTION AND ANY OTHER PROVISION OF THIS ARTICLE, FOR TAXABLE YEARS BEGINNING AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND TWELVE, THE GROSS INCOME OF A RESI- DENT INDIVIDUAL WHO IS AT LEAST EIGHTY-FIVE YEARS OF AGE AS OF DECEMBER THIRTY-FIRST OF THE TAXABLE YEAR FOR WHICH THE EXEMPTION IS CLAIMED AND WHO QUALIFIES AS A VETERAN UNDER THE PROVISIONS OF SUBDIVISION THREE OF SECTION THREE HUNDRED FIFTY OF THE EXECUTIVE LAW SHALL BE EXEMPT FROM TAX UNDER THIS ARTICLE REGARDLESS OF WHETHER SUCH INCOME IS SUBJECT TO FEDERAL INCOME TAXATION. S 2. This act shall take effect immediately and shall apply to all taxable years beginning on or after January 1, 2013.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01219-02-1