New York Senate Bill S05104 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5104 2025-2026 Regular Sessions  IN SENATE February 19, 2025 ___________ Introduced by Sen. HARCKHAM -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to exempting qualified military benefits of veterans from inclusion in a resident's adjusted gross income The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 612 of the tax law is amended by 2 adding a new paragraph 8-d to read as follows: 3 (8-d) Compensation, including any allowance or in-kind benefit other 4 than personal use of a vehicle, received by any former member of the 5 uniformed services of the United States or any dependent of such member 6 by reason of such member's status or service as a member of such 7 uniformed services to the extent includable in gross income for federal 8 income tax purposes. 9 § 2. This act shall take effect immediately and shall apply to taxable 10 years beginning on and after January 1, 2026. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09766-01-5