New York Senate Bill S05259 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5259 2025-2026 Regular Sessions  IN SENATE February 20, 2025 ___________ Introduced by Sen. ASHBY -- 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 veterans eighty- five years of age and older from the obligation to pay New York state income tax The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (i) of section 601 of the tax law is relettered 2 subsection (j) and a new subsection (i) is added to read as follows: 3 (i) Veterans over eighty-five years of age. Notwithstanding the 4 provisions of subsections (a), (b), (c) and (d) of this section and any 5 other provision of this article, for taxable years beginning after 6 December thirty-first, two thousand twenty-six, the gross income of a 7 resident individual who is at least eighty-five years of age as of 8 December thirty-first of the taxable year for which the exemption is 9 claimed and who qualifies as a veteran under the provisions of subdivi- 10 sion three of section thirty-two of the veterans' services law shall be 11 exempt from tax under this article regardless of whether such income is 12 subject to federal income taxation. 13 § 2. This act shall take effect immediately and shall apply to all 14 taxable years beginning on or after January 1, 2027. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01807-01-5