· NY legislature · 2025-2026

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2027, $30,000 in 2028, $35,000 in 2029 and $40,000 for each subsequent year.

Sponsor

Bill Magnarelli (D-NY)

Introduced

2025-01-08

Policy area

Taxation

Latest action

REFERRED TO WAYS AND MEANS