New York bill A00259 increases the tax exemption for pensions and annuities for individuals aged fifty-nine and one-half or older.

New York bill A00259 amends the tax law to increase the tax exemption for pensions and annuities for individuals aged fifty-nine and one-half or older. The exemption increases from $20,000 to $25,000 in 2027, $30,000 in 2028, $35,000 in 2029, and $40,000 for each subsequent year. This change applies to pensions and annuities received by individuals who have attained the specified age, provided they are includible in gross income for federal income tax purposes. The bill also specifies that the term "pensions and annuities" does not include lump sum distributions.

New York bill A00259 increases the tax exemption for pensions and annuities for individuals aged fifty-nine and one-half or older.

New York bill A00259 amends the tax law to increase the tax exemption for pensions and annuities for individuals aged fifty-nine and one-half or older. The exemption increases from $20,000 to $25,000 in 2027, $30,000 in 2028, $35,000 in 2029, and $40,000 for each subsequent year. This change applies to pensions and annuities received by individuals who have attained the specified age, provided they are includible in gross income for federal income tax purposes. The bill also specifies that the term "pensions and annuities" does not include lump sum distributions.