New York S 10175: Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater

Bill Text

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S10175 Summary:

BILL NOS10175 

&nbsp

SAME ASSAME AS A00259-A

&nbsp

SPONSORMARTINEZ

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §612, Tax L

&nbsp

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2027, $30,000 in 2028, $35,000 in 2029 and $40,000 for each subsequent year.

Go to top S10175 Actions:

BILL NOS10175 

&nbsp

05/04/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS10175 Committee&nbspVotes:

Go to topS10175 Floor&nbspVotes:

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

Go to topS10175 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10175

 IN SENATE

 May 4, 2026
 ___________

 Introduced by Sen. MARTINEZ -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to increasing the exemption for
 pensions and annuities for certain persons

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph 3-a of subsection (c) of section 612 of the tax
 2 law, as amended by section 3 of part I of chapter 59 of the laws of
 3 2015, is amended to read as follows:
 4 (3-a) Pensions and annuities received by an individual who has
 5 attained the age of fifty-nine and one-half, not otherwise excluded
 6 pursuant to paragraph three of this subsection, to the extent includible
 7 in gross income for federal income tax purposes, but not in excess of
 8 [twenty] twenty-five thousand dollars for any taxable year beginning on
 9 or after January first, two thousand twenty-seven, thirty thousand
 10 dollars for any taxable year beginning on or after January first, two
 11 thousand twenty-eight, thirty-five thousand dollars for any taxable year
 12 beginning on or after January first, two thousand twenty-nine, and forty
 13 thousand dollars in each subsequent year, which are periodic payments
 14 attributable to personal services performed by such individual prior to
 15 [his] retirement from employment, which arise (i) from an employer-em-
 16 ployee relationship or (ii) from contributions to a retirement plan
 17 which are deductible for federal income tax purposes. However, the term
 18 "pensions and annuities" shall also include distributions received by an
 19 individual who has attained the age of fifty-nine and one-half from an
 20 individual retirement account or an individual retirement annuity, as
 21 defined in section four hundred eight of the internal revenue code, and
 22 distributions received by an individual who has attained the age of
 23 fifty-nine and one-half from self-employed individual and owner-employee
 24 retirement plans which qualify under section four hundred one of the
 25 internal revenue code, whether or not the payments are periodic in
 26 nature. Nevertheless, the term "pensions and annuities" shall not
 27 include any lump sum distribution, as defined in subparagraph (D) of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00834-05-6

 S. 10175 2

 1 paragraph four of subsection (e) of section four hundred two of the
 2 internal revenue code and taxed under section six hundred three of this
 3 article. Where [a husband and wife] spouses file a joint state personal
 4 income tax return, the modification provided for in this paragraph shall
 5 be computed as if they were filing separate state personal income tax
 6 returns. Where a payment would otherwise come within the meaning of the
 7 term "pensions and annuities" as set forth in this paragraph, except
 8 that such individual is deceased, such payment shall, nevertheless, be
 9 treated as a pension or annuity for purposes of this paragraph if such
 10 payment is received by such individual's beneficiary.
 11 § 2. This act shall take effect immediately.

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