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

Summary

The bill changes New York tax law to let seniors keep more of their retirement income tax‑free. Starting in 2027 the exemption rises to $25,000, then $30,000 in 2028, $35,000 in 2029, and $40,000 thereafter. It applies to regular pension and annuity payments, IRA withdrawals and self‑employed retirement plan distributions, but not to lump‑sum payouts.

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