SLATER PUSHES RETIREMENT TAX REFORM, MOTION DENIED BY ASSEMBLY DEMOCRATS

Assemblyman Matt Slater (R,C-Yorktown) today announced that his motion to discharge bill A.2017 from the Assembly Ways and Means Committee—allowing it to be brought to the floor for a full vote—was denied by the Assembly Democrats.

The legislation would modernize New York’s outdated retirement tax exemption by expanding it to include additional retirement plans and increasing the exemption from $20,000 to $100,000 over time, with future adjustments tied to inflation.

“New York is still acting like costs are stuck in 1981—and that’s exactly why people are leaving,” said Slater. “My bill is a simple, common-sense measure to update our tax code and reflect the reality seniors are facing today. Unfortunately, Assembly Democrats refused even to allow a vote on this issue.”

Under current law, New Yorkers can exempt up to $20,000 in retirement income—a threshold that has remained unchanged since 1981. Slater noted that when adjusted for inflation, that amount would exceed $60,000 today, highlighting how far the state’s policies have fallen behind economic reality.

“Seniors today aren’t just relying on pensions—they’re depending on IRAs, 401(k)s and other retirement plans,” Slater added. “This bill recognizes that reality and ensures they can keep more of what they earned.”

Slater emphasized that the failure to bring the bill to the floor prevents a critical conversation about affordability in New York, particularly for retirees living on fixed incomes.

“This isn’t a theoretical issue—it’s something we hear about every day in our communities,” Slater said. “People aren’t asking if they’ll leave New York, they’re asking when. If we’re serious about affordability, then we should at least be willing to debate solutions.”

New York continues to rank among the least affordable states in the nation, with high taxes and rising costs contributing to population loss and financial strain on seniors. According to Slater, updating the retirement income exemption is a direct and meaningful step toward addressing those challenges.

“I’m disappointed that the Majority chose to block this bill from even being considered,” Slater said. “But I will continue fighting to deliver real relief for New Yorkers who worked their entire lives and deserve the opportunity to retire with dignity in the state they call home.”