|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jun 01, 2016 |
referred to ways and means delivered to assembly passed senate |
| May 23, 2016 |
advanced to third reading amended 2903c |
| May 18, 2016 |
2nd report cal. |
| May 17, 2016 |
1st report cal.909 |
| Mar 08, 2016 |
reported and committed to finance |
| Jan 20, 2016 |
print number 2903b |
| Jan 20, 2016 |
amend and recommit to investigations and government operations |
| Jan 06, 2016 |
referred to investigations and government operations returned to senate died in assembly |
| Jun 17, 2015 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1773 committee discharged and committed to rules |
| Feb 06, 2015 |
print number 2903a |
| Feb 06, 2015 |
amend and recommit to investigations and government operations |
| Jan 30, 2015 |
referred to investigations and government operations |
Senate Bill S2903C
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2015-S2903 - Details
2015-S2903 - Sponsor Memo
BILL NUMBER:S2903
TITLE OF BILL:
An act to amend the tax law, in relation to increasing the exemption
for pensions and annuities for certain persons
PURPOSE:
This bill will increase to forty thousand dollars the amount of
pension income which is exempt from the personal income tax.
SUMMARY OF PROVISIONS:
Section one of the bill increases the limit on the amount of pension
and annuity income which is not subject to the personal income tax for
those who have reached the age of 59% from twenty thousand dollars to
forty thousand dollars.
EXISTING LAW:
Current law provides that up to twenty thousand dollars of pension and
annuity income received by individuals over the age of 59% may be
subtracted from federal adjusted gross income for purposes of
calculating New York State personal income tax
2015-S2903 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2903
2015-2016 Regular Sessions
I N S E N A T E
January 30, 2015
___________
Introduced by Sen. FARLEY -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to increasing the exemption for
pensions and annuities for certain persons
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3-a of subsection (c) of section 612 of the tax
law, as amended by chapter 760 of the laws of 1992, is amended to read
as follows:
(3-a) Pensions and annuities received by an individual who has
attained the age of fifty-nine and one-half, not otherwise excluded
pursuant to paragraph three of this subsection, to the extent includible
in gross income for federal income tax purposes, but not in excess of
[twenty] FORTY thousand dollars, which are periodic payments attribut-
able to personal services performed by such individual prior to his
retirement from employment, which arise (i) from an employer-employee
relationship or (ii) from contributions to a retirement plan which are
deductible for federal income tax purposes. However, the term "pensions
and annuities" shall also include distributions received by an individ-
ual who has attained the age of fifty-nine and one-half from an individ-
ual retirement account or an individual retirement annuity, as defined
in section four hundred eight of the internal revenue code, and distrib-
utions received by an individual who has attained the age of fifty-nine
and one-half from self-employed individual and owner-employee retirement
plans which qualify under section four hundred one of the internal
revenue code, whether or not the payments are periodic in nature. Never-
theless, the term "pensions and annuities" shall not include any lump
sum distribution, as defined in subparagraph (A) of paragraph four of
subsection (e) of section four hundred two of the internal revenue code
and taxed under section six hundred three of this article. Where a
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08412-01-5
co-Sponsors
(R, C, IP) Senate District
(R) Senate District
(D) 22nd Senate District
(R, C, IP) Senate District
2015-S2903A - Details
2015-S2903A - Sponsor Memo
BILL NUMBER:S2903A
TITLE OF BILL: An act to amend the tax law, in relation to increasing
the exemption for pensions and annuities for certain persons
PURPOSE:
This bill will increase the amount of pension income which is exempt
from the personal income tax.
SUMMARY OF PROVISIONS:
Section one of the bill increases the limit on the amount of pension
and annuity income which is not subject to the personal income tax for
those who have reached the age of 59% from twenty thousand dollars to
twenty-seven thousand dollars in 2015, to thirty-four thousand dollars
in 2016 and to forty thousand dollars in 2017 and each subsequent
year.
EXISTING LAW:
Current law provides that up to twenty thousand dollars of pension and
annuity income received by individuals over the age of 59% may be
subtracted from federal adjusted gross income for purposes of
calculating New York State personal income tax
2015-S2903A - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2903--A
2015-2016 Regular Sessions
I N S E N A T E
January 30, 2015
___________
Introduced by Sen. FARLEY -- 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 increasing the exemption for
pensions and annuities for certain persons
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3-a of subsection (c) of section 612 of the tax
law, as amended by chapter 760 of the laws of 1992, is amended to read
as follows:
(3-a) Pensions and annuities received by an individual who has
attained the age of fifty-nine and one-half, not otherwise excluded
pursuant to paragraph three of this subsection, to the extent includible
in gross income for federal income tax purposes, but not in excess of
[twenty] TWENTY-SEVEN THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN, THIRTY-FOUR THOUSAND
DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO
THOUSAND SIXTEEN, AND FORTY thousand dollars IN EACH SUBSEQUENT YEAR,
which are periodic payments attributable to personal services performed
by such individual prior to his retirement from employment, which arise
(i) from an employer-employee relationship or (ii) from contributions to
a retirement plan which are deductible for federal income tax purposes.
However, the term "pensions and annuities" shall also include distrib-
utions received by an individual who has attained the age of fifty-nine
and one-half from an individual retirement account or an individual
retirement annuity, as defined in section four hundred eight of the
internal revenue code, and distributions received by an individual who
has attained the age of fifty-nine and one-half from self-employed indi-
vidual and owner-employee retirement plans which qualify under section
four hundred one of the internal revenue code, whether or not the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08412-02-5
co-Sponsors
(R, C, IP) Senate District
(R) Senate District
(R) Senate District
(D) 22nd Senate District
2015-S2903B - Details
2015-S2903B - Sponsor Memo
BILL NUMBER: S2903B
TITLE OF BILL :
An act to amend the tax law, in relation to increasing the exemption
for pensions and annuities for certain persons
PURPOSE :
This bill will increase the amount of pension income which is exempt
from the personal income tax.
SUMMARY OF PROVISIONS :
Section one of the bill increases the limit on the amount of pension
and annuity income which is not subject to the personal income tax for
those who have reached the age of 59 1/2 from twenty thousand dollars
to twenty-seven thousand dollars in 2016, to thirty-four thousand
dollars in 2017 and to forty thousand dollars in 2018 and each
subsequent year.
EXISTING LAW :
Current law provides that up to twenty thousand dollars of pension and
annuity income received by individuals over the age of 59 1/2 may be
subtracted from federal adjusted gross income for purposes of
2015-S2903B - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2903--B
2015-2016 Regular Sessions
I N S E N A T E
January 30, 2015
___________
Introduced by Sens. FARLEY, AMEDORE, CROCI, FELDER, FLANAGAN, FUNKE,
GOLDEN, GRIFFO, HANNON, LANZA, LITTLE, MARCHIONE, MURPHY, RANZENHOFER,
ROBACH, YOUNG -- read twice and ordered printed, and when printed to
be committed to the Committee on Investigations and Government Oper-
ations -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- recommitted to the
Committee on Investigations and Government Operations in accordance
with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to increasing the exemption for
pensions and annuities for certain persons
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3-a of subsection (c) of section 612 of the tax
law, as amended by section 3 of part I of chapter 59 of the laws of
2015, is amended to read as follows:
(3-a) Pensions and annuities received by an individual who has
attained the age of fifty-nine and one-half, not otherwise excluded
pursuant to paragraph three of this subsection, to the extent includible
in gross income for federal income tax purposes, but not in excess of
[twenty] TWENTY-SEVEN THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN, THIRTY-FOUR THOUSAND
DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO
THOUSAND SEVENTEEN, AND FORTY thousand dollars IN EACH SUBSEQUENT YEAR,
which are periodic payments attributable to personal services performed
by such individual prior to his retirement from employment, which arise
(i) from an employer-employee relationship or (ii) from contributions to
a retirement plan which are deductible for federal income tax purposes.
However, the term "pensions and annuities" shall also include distrib-
utions received by an individual who has attained the age of fifty-nine
and one-half from an individual retirement account or an individual
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08412-04-6
co-Sponsors
(R, C, IP) Senate District
(R, C, IP, RFM) Senate District
(R, C, IP) Senate District
(D) Senate District
2015-S2903C (ACTIVE) - Details
2015-S2903C (ACTIVE) - Sponsor Memo
BILL NUMBER: S2903C
TITLE OF BILL :
An act to amend the tax law, in relation to increasing the exemption
for pensions and annuities for certain persons
PURPOSE :
This bill will update the amount of private pension income which is
exempt from the personal income tax.
SUMMARY OF PROVISIONS :
Section 612(c)(3-a) of the Tax Law is amended to increase the amount
of private pension and annuity income that is exempt from New York
State income taxes. The current exemption level of $20,000 would be
increased to $25,000 for the 2017 taxable year, to $30,000 for the
2018 taxable year, to $35,000 for the 2019 taxable year, and to
$40,000 in the 2020 and subsequent taxable years.
EXISTING LAW :
Government pensions (state, local, federal, military) are fully exempt
from NYS income taxes. In contrast, only the first $20,000 of income
from private pensions and annuities is tax exempt.
2015-S2903C (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2903--C
Cal. No. 909
2015-2016 Regular Sessions
I N S E N A T E
January 30, 2015
___________
Introduced by Sens. FARLEY, SERINO, AKSHAR, AMEDORE, AVELLA, BONACIC,
BOYLE, CARLUCCI, CROCI, DeFRANCISCO, FELDER, FLANAGAN, FUNKE, GALLI-
VAN, GOLDEN, GRIFFO, KLEIN, LANZA, LARKIN, LAVALLE, LITTLE, MARCELLI-
NO, MARCHIONE, MARTINS, MURPHY, NOZZOLIO, O'MARA, ORTT, RANZENHOFER,
RITCHIE, ROBACH, SAVINO, SEWARD, VALESKY, VENDITTO, YOUNG -- read
twice and ordered printed, and when printed to be committed to the
Committee on Investigations and Government Operations -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- recommitted to the Committee on Investigations
and Government Operations in accordance with Senate Rule 6, sec. 8 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee -- reported favorably from said commit-
tee and committed to the Committee on Finance -- reported favorably
from said committee, ordered to first and second report, amended on
second report, ordered to a third reading, and to be reprinted as
amended, retaining its place in the order of third reading
AN ACT to amend the tax law, in relation to increasing the exemption for
pensions and annuities for certain persons
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3-a of subsection (c) of section 612 of the tax
law, as amended by section 3 of part I of chapter 59 of the laws of
2015, is amended to read as follows:
(3-a) Pensions and annuities received by an individual who has
attained the age of fifty-nine and one-half, not otherwise excluded
pursuant to paragraph three of this subsection, to the extent includible
in gross income for federal income tax purposes, but not in excess of
[twenty] TWENTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, THIRTY THOUSAND DOLLARS
FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
EIGHTEEN, THIRTY-FIVE THOUSAND DOLLARS FOR ANY TAXABLE YEAR BEGINNING ON
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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