A 259 New York Assembly · 2025 Regular Session

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

Summary

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.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 8, 2025 Last action Jan 7, 2026

Maddy AI version diff · 1 comparison

What changed between versions

A259 → A259A · 2 edits

MINOR

This bill amends the New York tax law to adjust the exemption limit for pension and annuity income for certain individuals. The primary change reduces the maximum tax-free amount from $27,000 to $25,000 for tax years starting in 2027, while also correcting a line break in the legislative title. The bill also includes minor formatting updates to the bill number and page references.

Scope change

The scope of the exemption remains the same, but the financial threshold for eligibility has been lowered.

FISCAL

The maximum tax exemption for pensions and annuities was reduced from $27,000 to $25,000 for taxable years beginning on or after January 1, 2027.

TECHNICAL

The bill title was corrected to include the suffix '--A', and the page number reference was updated from 01-5 to 03-5.

Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 7, 2026

Committee

REFERRED TO WAYS AND MEANS

lower

Feb 25, 2025

Lower · Passed

PRINT NUMBER 259A

lower

Feb 25, 2025

Lower · Passed

AMEND AND RECOMMIT TO WAYS AND MEANS

lower

Jan 8, 2025

Committee

REFERRED TO WAYS AND MEANS

lower

1 primary · 7 co-sponsors