BILL NUMBER: S7211
SPONSOR: LANZA
 
TITLE OF BILL:
An act to amend the tax law, in relation to increasing the maximum
pension and annuity exclusion from federal adjusted gross income
 
PURPOSE:
This bill would increase the maximum pension and annuity exclusion from
federal adjusted income to $22,000.
 
SUMMARY OF PROVISIONS:
Section one amends paragraph 3-a of subsection (c) of section 612 of the
tax law, as amended by section 3 part I of chapter 59 of the laws of
2015.
Section two is the effective date.
 
JUSTIFICATION:
This bill would increase the maximum pension and annuity exclusion from
federal adjusted income from $20,000 to $22,000 for people age 59 1/2
years old or older. New Yorkers who are on a fixed income are struggling
with the largest inflationary prices in forty years. As older New York-
ers pay more for groceries, utilities, clothing and gasoline, senior
citizens on fixed incomes are struggling more than ever to make ends
meet. Increasing this exclusion by $2,000 will provide needed relief for
seniors who collect a pension or annuity.
 
LEGISLATIVE HISTORY:
2024: S.5996 - Referred to Budget & Revenue
2023: S.5996 - Referred to Budget & Revenue
2022: S.9585 - Referred to Rules
 
FISCAL IMPLICATIONS:
Undetermined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after such date.

Statutes affected:
S7211: 612 tax law, 612(c) tax law