Increases the maximum pension and annuity exclusion from federal adjusted gross income to $22,000.

New York Senate Bill S07211 amends the tax law to increase the maximum pension and annuity exclusion from federal adjusted gross income to $22,000. This change applies to pensions and annuities received by individuals who have attained the age of fifty-nine and one-half. The bill also includes distributions from individual retirement accounts and self-employed individual and owner-employee retirement plans, provided they are periodic payments attributable to personal services performed prior to retirement.

Increases the maximum pension and annuity exclusion from federal adjusted gross income to $22,000.

New York Senate Bill S07211 amends the tax law to increase the maximum pension and annuity exclusion from federal adjusted gross income to $22,000. This change applies to pensions and annuities received by individuals who have attained the age of fifty-nine and one-half. The bill also includes distributions from individual retirement accounts and self-employed individual and owner-employee retirement plans, provided they are periodic payments attributable to personal services performed prior to retirement.