|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jan 15, 2016 |
print number 5726a |
| Jan 15, 2016 |
amend and recommit to investigations and government operations |
| Jan 06, 2016 |
referred to investigations and government operations |
| Jun 01, 2015 |
referred to investigations and government operations |
Senate Bill S5726A
2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) 24th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Bill Amendments
2015-S5726 - Details
2015-S5726 - Sponsor Memo
BILL NUMBER:S5726
TITLE OF BILL: An act to amend the tax law, in relation to exempting
certain distributions from eligible retirement plans for income tax
purposes
PURPOSE OR GENERAL IDEA OF BILL:
To adjust the taxable income of individuals who were forced to
withdraw funds from certain retirement accounts in order to repair
their severely damaged primary residences following Superstorm Sandy.
SUMMARY OF SPECIFIC PROVISIONS:
Subsection (c) of section 612 of the tax law is amended by adding a
new paragraph 42.
JUSTIFICATION:
In the aftermath of Superstorm Sandy, many individuals sustained
severe damage to their homes and were left homeless or with a portion
of their home uninhabitable while awaiting insurance payments and
federal and state aid to begin repairs. The process of securing
assistance was a lengthy one, and countless families were forced to
withdraw funds from retirement savings in order to start or complete
repairs. In making those withdrawals, homeowners incurred an income
2015-S5726 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5726
2015-2016 Regular Sessions
I N S E N A T E
June 1, 2015
___________
Introduced by Sen. LANZA -- 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 exempting certain distrib-
utions from eligible retirement plans for income tax purposes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 42 to read as follows:
(42) DISTRIBUTIONS FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH TERM IS
DEFINED IN SUBPARAGRAPH (B) OF PARAGRAPH (8) OF SUBSECTION (C) OF
SECTION FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR AFTER
OCTOBER TWENTY-NINTH, TWO THOUSAND TWELVE. IN ORDER TO BE SUBTRACTED
FROM FEDERAL ADJUSTED GROSS INCOME, THE TAXPAYER'S PRIMARY RESIDENCE
MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
TY-FOUR OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY RESIDENCE
WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2015 and shall also apply to all
other taxable years for which the statute of limitations for seeking a
refund are still open. The commissioner of taxation and finance is
authorized to promulgate rules and regulations necessary to implement
this act.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10816-01-5
co-Sponsors
(D) Senate District
2015-S5726A (ACTIVE) - Details
2015-S5726A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5726A
TITLE OF BILL : An act to amend the tax law, in relation to
exempting certain distributions from eligible retirement plans for
income tax purposes
PURPOSE OR GENERAL IDEA OF BILL :
To adjust the taxable income of individuals who were forced to
withdraw funds from certain retirement accounts in order to repair
their severely damaged primary residences following Superstorm Sandy.
SUMMARY OF SPECIFIC PROVISIONS :
Subsection (c) of section 612 of the tax law is amended by adding a
new paragraph 44.
JUSTIFICATION :
In the aftermath of Superstonn Sandy, many individuals sustained
severe damage to their homes and were left homeless or with a portion
of their home uninhabitable while awaiting insurance payments and
federal and state aid to begin repairs. The process of securing
assistance was a lengthy one, and countless families were forced to
withdraw funds from retirement savings in order to start or complete
repairs. In making those withdrawals, homeowners incurred an income
2015-S5726A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5726--A
2015-2016 Regular Sessions
I N S E N A T E
June 1, 2015
___________
Introduced by Sen. LANZA -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- 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 exempting certain distrib-
utions from eligible retirement plans for income tax purposes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 44 to read as follows:
(44) DISTRIBUTIONS FROM AN ELIGIBLE RETIREMENT PLAN, AS SUCH TERM IS
DEFINED IN SUBPARAGRAPH (B) OF PARAGRAPH (8) OF SUBSECTION (C) OF
SECTION FOUR HUNDRED TWO OF THE INTERNAL REVENUE CODE, MADE ON OR AFTER
OCTOBER TWENTY-NINTH, TWO THOUSAND TWELVE. IN ORDER TO BE SUBTRACTED
FROM FEDERAL ADJUSTED GROSS INCOME, THE TAXPAYER'S PRIMARY RESIDENCE
MUST HAVE INCURRED SEVERE DAMAGE DUE TO SUPERSTORM SANDY AS SUCH TERM IS
DEFINED IN SUBDIVISION FIVE OF SECTION TWO OF CHAPTER FOUR HUNDRED TWEN-
TY-FOUR OF THE LAWS OF TWO THOUSAND THIRTEEN AND SUCH PRIMARY RESIDENCE
WAS LOCATED IN THE PRESIDENTIALLY DECLARED DISASTER ZONE.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2016 and shall also apply to all
other taxable years for which the statute of limitations for seeking a
refund are still open. The commissioner of taxation and finance is
authorized to promulgate rules and regulations necessary to implement
this act.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10816-04-6
2015-S5726B - Details
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