New York A 4364: Exempts certain retirement plan distributions for income tax purposes

Bill Text

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A04364 Summary:

BILL NOA04364 

&nbsp

SAME ASNo Same As

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SPONSORO'Pharrow

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COSPNSROtis

&nbsp

MLTSPNSR

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Amd §612, Tax L

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Adjusts the taxable income of individuals who were forced to withdraw funds from certain retirement accounts due to damage of primary residences following Superstorm Sandy to ensure such individuals were not penalized for withdrawing such funds.

Go to top A04364 Actions:

BILL NOA04364 

&nbsp

02/04/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04364 Committee&nbspVotes:

Go to topA04364 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA04364 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4364

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. O'PHARROW -- read once and referred to the
 Committee on Ways and Means

 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 48 to read as follows:
 3 (48) 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, 2025 and shall also apply to all
 14 other taxable years for which the statute of limitations for seeking a
 15 refund are still open. Effective immediately, the addition, amendment
 16 and/or repeal of any rule or regulation necessary for the implementation
 17 of this act on its effective date are authorized to be made and
 18 completed on or before such effective date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08632-01-5

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