NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2050
SPONSOR: Hawley 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 eighty-five years of age and older from
the obligation to pay New York state income tax.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Section 601 of the tax is amended by adding a new subsection
(d-1) to read as follows:
(d-1) Notwithstanding the provisions of subdivisions (a), (b), (c) and
(d) of this section, for taxable years beginning after December thirty-
first, two thousand eighteen, the income of any resident individual
eighty-five years of age and older who qualifies as a veteran under the
provisions of subdivision three of section three hundred fifty of the
executive law shall be exempt from taxation under this article regard-
less of whether such income is subject to federal income taxation.
JUSTIFICATION:
After serving our country with honor and courage the veterans of New
York. state who reach the milestone of eighty-five years young, who have
given so much to their communities, deserve respect and admiration
during these years of their lives.
PRIOR LEGISLATIVE HISTORY:
07/17/20 A.1941 held for consideration in ways and means
06/19/12 A.1302 held for consideration in ways and means
03-04/10 A10098 - referred to ways and means
06/17/14 - held for consideration in ways and means
A3770 - 06/14/16 held for consideration in ways and means A1565 -
06/14/18 held for consideration in ways and means
A5033 - 06/01/22 held for consideration in ways and means
FISCAL IMPLICATIONS:
It is estimated to reduce revenues by $6 million in SFY 2011-12 and $23
million annually in subsequent fiscal years.
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to all taxable
years commencing on or after January 1, 2025.
STATE OF NEW YORK
________________________________________________________________________
2050
2023-2024 Regular Sessions
IN ASSEMBLY
January 23, 2023
___________
Introduced by M. of A. HAWLEY, REILLY, DeSTEFANO, NORRIS, BRABENEC,
SMULLEN, JENSEN, ANGELINO, GALLAHAN, LEMONDES, DURSO, MANKTELOW --
Multi-Sponsored by -- M. of A. DiPIETRO, MIKULIN -- read once and
referred to the Committee on Ways and Means
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
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (i) of section 601 of the tax law is relettered
2 subsection (j) and a new subsection (i) is added to read as follows:
3 (i) Veterans over eighty-five years of age. Notwithstanding the
4 provisions of subsections (a), (b), (c) and (d) of this section and any
5 other provision of this article, for taxable years beginning after
6 December thirty-first, two thousand twenty-two, the gross income of a
7 resident individual who is at least eighty-five years of age as of
8 December thirty-first of the taxable year for which the exemption is
9 claimed and who qualifies as a veteran under the provisions of subdivi-
10 sion three of section three hundred fifty of the executive law shall be
11 exempt from tax under this article regardless of whether such income is
12 subject to federal income taxation.
13 § 2. This act shall take effect immediately and shall apply to all
14 taxable years beginning on or after January 1, 2025.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02899-01-3
