Establishes a tax deduction for a taxpayer who is a beneficiary of a deferred compensation plan and who elects to make a distribution of such deferred compensation in order to pay for qualified health insurance premiums, in an amount equal to six thousand dollars.
STATE OF NEW YORK
________________________________________________________________________
8901
IN SENATE
March 26, 2024
___________
Introduced by Sen. OBERACKER -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to establishing a tax deduction
for a beneficiary of a deferred compensation plan who uses such
distribution to pay for qualified health insurance premiums
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (c) of section 612 of the tax law is amended by
2 adding a new paragraph 48 to read as follows:
3 (48) In the case of a taxpayer who is a beneficiary of a deferred
4 compensation plan, as authorized under section four-hundred fifty-seven
5 of the internal revenue code, and elects to make a distribution of such
6 deferred compensation in order to pay for qualified health insurance
7 premiums, an amount equal to six thousand dollars.
8 § 2. This act shall take effect immediately and shall apply to all
9 taxable years beginning on or after January 1, 2024.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14054-01-4
