A01566 Summary:

BILL NO    A01566 

SAME AS    No same as 

SPONSOR    Kolb (MS)

COSPNSR    Corwin

MLTSPNSR   

Amd S612, Tax L

Relates to the clarification of the applicability of certain exemptions to
periodic distributions from a nonqualified pension plan.
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A01566 Actions:

BILL NO    A01566 

01/09/2013 referred to ways and means
01/08/2014 referred to ways and means
06/17/2014 held for consideration in ways and means
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A01566 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         1566

                              2013-2014 Regular Sessions

                                 I N  A S S E M B L Y

                                      (PREFILED)

                                    January 9, 2013
                                      ___________

       Introduced  by  M.  of  A. KOLB, CORWIN -- read once and referred to the
         Committee on Ways and Means

       AN ACT to amend the tax law, in relation to clarifying the applicability
         of certain exemptions to periodic distributions  from  a  nonqualified
         pension plan

         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section 1. Paragraph 3-a of subsection (c) of section 612 of  the  tax
    2  law,  as  amended by chapter 760 of the laws of 1992, is amended to read
    3  as follows:
    4    (3-a) Pensions  and  annuities  received  by  an  individual  who  has
    5  attained  the  age  of  fifty-nine  and one-half, not otherwise excluded
    6  pursuant to paragraph three of this subsection, to the extent includible
    7  in gross income for federal income tax purposes, but not  in  excess  of
    8  twenty  thousand  dollars,  which  are periodic payments attributable to
    9  personal services performed by such individual prior to  his  retirement
   10  from  employment, which arise (i) from an employer-employee relationship
   11  or (ii) from contributions to a retirement plan which are deductible for
   12  federal income tax purposes. However, the term "pensions and  annuities"
   13  shall  also  include  distributions  received  by  an individual who has
   14  attained the age of fifty-nine and one-half from an  individual  retire-
   15  ment  account or an individual retirement annuity, as defined in section
   16  four hundred eight of  the  internal  revenue  code,  and  distributions
   17  received  by  an  individual  who has attained the age of fifty-nine and
   18  one-half from self-employed  individual  and  owner-employee  retirement
   19  plans  which  qualify  under  section  four  hundred one of the internal
   20  revenue code, whether or not the payments are periodic in nature.    THE
   21  TERM  "PENSIONS  AND  ANNUITIES"  SHALL  ALSO INCLUDE DISTRIBUTIONS FROM
   22  PENSION PLANS THAT ARE NOT QUALIFIED UNDER THE  INTERNAL  REVENUE  CODE,
   23  BUT  OTHERWISE  MEET  THE REQUIREMENTS OF THIS SUBSECTION, REGARDLESS OF

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03327-01-3
       A. 1566                             2

    1  WHETHER SUCH DISTRIBUTIONS ARE REPORTED AS WAGES ON IRS FORM W-2. Never-
    2  theless, the term "pensions and annuities" shall not  include  any  lump
    3  sum  distribution,  as  defined in subparagraph (A) of paragraph four of
    4  subsection  (e) of section four hundred two of the internal revenue code
    5  and taxed under section six hundred  three  of  this  article.  Where  a
    6  husband  and  wife  file  a  joint state personal income tax return, the
    7  modification provided for in this paragraph shall be computed as if they
    8  were filing separate state personal income tax returns. Where a  payment
    9  would otherwise come within the meaning of the term "pensions and annui-
   10  ties"  as  set  forth  in this paragraph, except that such individual is
   11  deceased, such payment shall, nevertheless, be treated as a  pension  or
   12  annuity  for  purposes  of this paragraph if such payment is received by
   13  such individual's beneficiary.
   14    S 2. This act shall take effect on the one hundred twentieth day after
   15  it shall have become a law.
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