New York S05113 expands the exemption for pensions and annuities to include retirement plans and raises the exemption limit to $100,000 annually.

New York S05113 amends the tax law to include retirement plans in the exemption for pensions and annuities for certain individuals. The bill increases the exemption limit to $100,000, adjusted annually by the consumer price index. This change applies to periodic payments attributable to personal services performed before retirement, excluding lump sum distributions. The exemption applies to individuals who have attained the age of fifty-nine and one-half.

New York S05113 expands the exemption for pensions and annuities to include retirement plans and raises the exemption limit to $100,000 annually.

New York S05113 amends the tax law to include retirement plans in the exemption for pensions and annuities for certain individuals. The bill increases the exemption limit to $100,000, adjusted annually by the consumer price index. This change applies to periodic payments attributable to personal services performed before retirement, excluding lump sum distributions. The exemption applies to individuals who have attained the age of fifty-nine and one-half.