STATE OF NEW YORK
________________________________________________________________________
6685--A
2017-2018 Regular Sessions
IN SENATE
June 13, 2017
___________
Introduced by Sens. BOYLE, BROOKS, KAMINSKY -- read twice and ordered
printed, and when printed to be committed to the Committee on Rules --
recommitted to the Committee on Investigations and Government Oper-
ations 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:
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) Distributions from an eligible retirement plan, as such term is
4 defined in subparagraph (B) of paragraph (8) of subsection (c) of
5 section four hundred two of the Internal Revenue Code, made on or after
6 October twenty-ninth, two thousand twelve. In order to be subtracted
7 from federal adjusted gross income, the taxpayer's primary residence
8 must have incurred severe damage due to Superstorm Sandy as such term is
9 defined in subdivision five of section two of chapter four hundred twen-
10 ty-four of the laws of two thousand thirteen and such primary residence
11 was located in the presidentially declared disaster zone.
12 § 2. This act shall take effect immediately and shall apply to taxable
13 years beginning on or after January 1, 2019 and shall also apply to all
14 other taxable years for which the statute of limitations for seeking a
15 refund are still open. The commissioner of taxation and finance is
16 authorized to promulgate rules and regulations necessary to implement
17 this act.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09181-05-8
