State assemblyman hopes new bill will encourage people not to leave New York state

Assemblyman Angelo Santabarbara introduced a new bill Monday aimed at combating New York’s population loss.

The state has lost nearly 1% of its population since 2021.

The new legislation would provide tax exemptions for pension payouts.

The hope is that this move would ease the financial burden on retirees and encourage them to stay in-state.

Fifteen states already exempt pension distributions from state taxes.

Now the assemblyman is hoping to add New York to that list.