Bill Text: NY A09178 | 2023-2024 | General Assembly | Introduced
Bill Title: Establishes a tax deduction for a taxpayer who is a beneficiary of a deferred compensation plan and who elects to make a distribution of such deferred compensation in order to pay for qualified health insurance premiums, in an amount equal to six thousand dollars.
Spectrum: Partisan Bill (Republican 14-0)
Status: (Introduced) 2024-02-12 - referred to ways and means [A09178 Detail]
Download: New_York-2023-A09178-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9178 IN ASSEMBLY February 12, 2024 ___________ Introduced by M. of A. SMULLEN -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to establishing a tax deduction for a beneficiary of a deferred compensation plan who uses such distribution to pay for qualified health insurance premiums 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) In the case of a taxpayer who is a beneficiary of a deferred 4 compensation plan, as authorized under section four-hundred fifty-seven 5 of the internal revenue code, and elects to make a distribution of such 6 deferred compensation in order to pay for qualified health insurance 7 premiums, an amount equal to six thousand dollars. 8 § 2. This act shall take effect immediately and shall apply to all 9 taxable years beginning on or after January 1, 2024. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14054-01-4
