STATE OF NEW YORK
________________________________________________________________________
865
2019-2020 Regular Sessions
IN SENATE
January 9, 2019
___________
Introduced by Sen. YOUNG -- 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 establishing a personal
income tax deduction for certain withdrawals from a 401(k) plan by a
taxpayer suffering from a terminal illness
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 44 to read as follows:
3 (44) Hardship distributions from a retirement account established
4 pursuant to section 401(k) of the internal revenue code to the extent
5 includable in federal adjusted gross income, provided, however, that the
6 exclusion provided for in this paragraph shall not exceed twenty thou-
7 sand dollars; provided, further, that such exclusion shall only be
8 available by reason of a medically determinable physical or mental
9 impairment of an individual taxpayer which can be expected to result in
10 death within a period of not more than twelve months.
11 § 2. This act shall take effect immediately and shall apply to the tax
12 year in which it takes effect and all subsequent tax years.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03008-01-9
