New York bill A04364 adjusts the taxable income of individuals who withdrew funds from retirement accounts due to Superstorm Sandy damage.

New York bill A04364 amends the tax law to exempt certain distributions from eligible retirement plans for income tax. Specifically, it adjusts the taxable income of individuals who were forced to withdraw funds from certain retirement accounts due to severe damage to their primary residences following Superstorm Sandy. This adjustment ensures that such individuals were not penalized for withdrawing these funds. The bill applies to taxable years beginning on or after January 1, 2025, and also to all other taxable years for which the statute of limitations for seeking a refund is still open.

New York bill A04364 adjusts the taxable income of individuals who withdrew funds from retirement accounts due to Superstorm Sandy damage.

New York bill A04364 amends the tax law to exempt certain distributions from eligible retirement plans for income tax. Specifically, it adjusts the taxable income of individuals who were forced to withdraw funds from certain retirement accounts due to severe damage to their primary residences following Superstorm Sandy. This adjustment ensures that such individuals were not penalized for withdrawing these funds. The bill applies to taxable years beginning on or after January 1, 2025, and also to all other taxable years for which the statute of limitations for seeking a refund is still open.