A00208
Type: B Origin: Assembly New York Comments: 0

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 2025, $30,000 In 2026, $35,000 In 2027 And $40,000 For Each Subsequent Year.

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The bill aims to raise the tax exemption for pensions and annuities for individuals aged fifty-nine and a half or older. The exemption would increase from $20,000 to $25,000 in 2025, then to $30,000 in 2026, $35,000 in 2027, and finally reach $40,000 for each year thereafter. This change intends to provide greater financial relief and support for retirees by allowing them to exclude more of their retirement income from federal taxes.

Bill Activity

  • 2023-01-04: referred to ways and means

  • 2024-01-03: referred to ways and means

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