Includes retirement plans in the exemption for pensions and annuities for certain persons and increases such exemption

Summary

The bill amends New York tax law so that retirement accounts such as IRAs and self‑employed plans count as pensions and annuities for individuals 59½ and older. It also raises the amount of pension income that can be excluded from state tax for taxable years beginning in 2027 through 2030, with future increases tied to the consumer price index. The change would lower state tax on more retirement income for retirees and their beneficiaries.

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