BILL NUMBER: S4872
SPONSOR: ASHBY
 
TITLE OF BILL:
An act to amend the tax law, in relation to exempting veterans eighty-
five years of age and older from the obligation to pay New York state
income tax
 
PURPOSE:
This bill will exempt veterans 85 years of age and older from the obli-
gation to pay New York state income tax.
 
SUMMARY OF PROVISIONS:
Section 1 amends the Personal Income Tax to exempt veterans over the age
of 85 from tax obligation, beginning in taxable years after December
31st, 2022. This provision would be in effect regardless of if the
veteran's income is subject to federal income tax.
 
JUSTIFICATION:
After serving our country with honor and courage the veterans of New
York state, who reach the milestone of 85 years young, deserve to keep
more of their hard-earned money.
 
LEGISLATIVE HISTORY:
2021-2022 - S.5995 - BUDGET & REVENUE
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take immediately.