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