Assemblyman Angelo Santabarbara introduces an innovative bill to address New York's population loss. The proposal provides tax exemptions for pension payouts, easing financial strain on retirees and supporting a secure retirement. The bill aims to align New York with states that exempt pension payouts from state income tax, boosting retirement income for residents.
Retirement income heavily depends on pensions, which are often taxed by federal guidelines. Assemblyman Santabarbara's bill simplifies the complex state tax rules for pension income, offering vital financial relief to retirees.
Fifteen states, including Alaska, Florida, and Texas, already exempt pension distributions from state taxes. Assemblyman Santabarbara envisions New York joining this group, providing retirees with tax breaks on pension earnings.
"In this effort, the legislation ensures retirees retain more of their hard-earned money in retirement," Assemblyman Angelo Santabarbara stated. The proposed measure not only offers relief but also seeks to create fair tax policies nationally, benefiting retirees regardless of location.
The legislation acknowledges retirees' evolving financial needs and aligns with organizations like AARP, advocating for equitable pension tax policies. The bill highlights that while 26 states tax retirement income, New York can lead reform by introducing tailored tax thresholds for retirees. This empowers seniors to maximize savings without financial strain. Assemblyman Santabarbara's visionary bill underscores New York's dedication to its elderly population, contributing to a vibrant retirement landscape and countering population loss.