Bill Text: NY A00480 | 2021-2022 | General Assembly | Amended
Bill Title: Relates to tax abatement for rent-controlled and rent regulated property occupied by and real property owned by senior citizens or persons with disabilities.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2022-05-16 - print number 480a [A00480 Detail]
Download: New_York-2021-A00480-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 480--A 2021-2022 Regular Sessions IN ASSEMBLY (Prefiled) January 6, 2021 ___________ Introduced by M. of A. ROZIC, HEVESI -- read once and referred to the Committee on Aging -- recommitted to the Committee on Aging in accord- ance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the real property tax law, in relation to tax abatement for rent-controlled and rent regulated property occupied by and real property owned by senior citizens or persons with disabilities The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraphs a and b of subdivision 3 of section 467-b of the 2 real property tax law, paragraph a as amended by section 1 of part U of 3 chapter 55 of the laws of 2014 and paragraph b as amended by chapter 129 4 of the laws of 2014, are amended to read as follows: 5 a. for a dwelling unit where the head of the household is a person 6 sixty-two years of age or older, no tax abatement shall be granted if 7 the combined income of all members of the household for the income tax 8 year immediately preceding the date of making application exceeds four 9 thousand dollars, or such other sum not more than twenty-five thousand 10 dollars beginning July first, two thousand five, twenty-six thousand 11 dollars beginning July first, two thousand six, twenty-seven thousand 12 dollars beginning July first, two thousand seven, twenty-eight thousand 13 dollars beginning July first, two thousand eight, twenty-nine thousand 14 dollars beginning July first, two thousand nine, and fifty thousand 15 dollars beginning July first, two thousand fourteen, and fifty-five 16 thousand dollars beginning July first, two thousand twenty-two, as may 17 be provided by the local law, ordinance or resolution adopted pursuant 18 to this section, provided that when the head of the household retires 19 before the commencement of such income tax year and the date of filing 20 the application, the income for such year may be adjusted by excluding 21 salary or earnings and projecting his or her retirement income over the 22 entire period of such year. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03380-05-2A. 480--A 2 1 b. for a dwelling unit where the head of the household qualifies as a 2 person with a disability pursuant to subdivision five of this section, 3 no tax abatement shall be granted if the combined income for all members 4 of the household for the current income tax year exceeds fifty thousand 5 dollars beginning July first, two thousand fourteen, and fifty-five 6 thousand dollars beginning July first, two thousand twenty-two, as may 7 be provided by the local law, ordinance or resolution adopted pursuant 8 to this section. 9 § 2. Paragraph (a) of subdivision 3 of section 467 of the real proper- 10 ty tax law, as amended by chapter 558 of the laws of 2021, is amended to 11 read as follows: 12 (a) if the income of the owner or the combined income of the owners of 13 the property for the income tax year immediately preceding the date of 14 making application for exemption exceeds the sum of three thousand 15 dollars, or such other sum not less than three thousand dollars nor more 16 than twenty-six thousand dollars beginning July first, two thousand six, 17 twenty-seven thousand dollars beginning July first, two thousand seven, 18 twenty-eight thousand dollars beginning July first, two thousand eight, 19 twenty-nine thousand dollars beginning July first, two thousand nine, 20 and in a city with a population of one million or more fifty thousand 21 dollars beginning July first, two thousand seventeen, and fifty-five 22 thousand dollars beginning July first, two thousand twenty-two as may be 23 provided by the local law, ordinance or resolution adopted pursuant to 24 this section. Where the taxable status date is on or before April four- 25 teenth, income tax year shall mean the twelve-month period for which the 26 owner or owners filed a federal personal income tax return for the year 27 before the income tax year immediately preceding the date of application 28 and where the taxable status date is on or after April fifteenth, income 29 tax year shall mean the twelve-month period for which the owner or 30 owners filed a federal personal income tax return for the income tax 31 year immediately preceding the date of application. Where title is vest- 32 ed in either the husband or the wife, their combined income may not 33 exceed such sum, except where the husband or wife, or ex-husband or 34 ex-wife is absent from the property as provided in subparagraph (ii) of 35 paragraph (d) of this subdivision, then only the income of the spouse or 36 ex-spouse residing on the property shall be considered and may not 37 exceed such sum. Such income shall include social security and retire- 38 ment benefits, interest, dividends, total gain from the sale or exchange 39 of a capital asset which may be offset by a loss from the sale or 40 exchange of a capital asset in the same income tax year, net rental 41 income, salary or earnings, and net income from self-employment, but 42 shall not include a return of capital, gifts, inheritances, payments 43 made to individuals because of their status as victims of Nazi perse- 44 cution, as defined in P.L. 103-286 or monies earned through employment 45 in the federal foster grandparent program and any such income shall be 46 offset by all medical and prescription drug expenses actually paid which 47 were not reimbursed or paid for by insurance, if the governing board of 48 a municipality, after a public hearing, adopts a local law, ordinance or 49 resolution providing therefor. In addition, an exchange of an annuity 50 for an annuity contract, which resulted in non-taxable gain, as deter- 51 mined in section one thousand thirty-five of the internal revenue code, 52 shall be excluded from such income. Provided that such exclusion shall 53 be based on satisfactory proof that such an exchange was solely an 54 exchange of an annuity for an annuity contract that resulted in a non- 55 taxable transfer determined by such section of the internal revenue 56 code. Furthermore, such income shall not include the proceeds of aA. 480--A 3 1 reverse mortgage, as authorized by section six-h of the banking law, and 2 sections two hundred eighty and two hundred eighty-a of the real proper- 3 ty law; provided, however, that monies used to repay a reverse mortgage 4 may not be deducted from income, and provided additionally that any 5 interest or dividends realized from the investment of reverse mortgage 6 proceeds shall be considered income. The provisions of this paragraph 7 notwithstanding, such income shall not include veterans disability 8 compensation, as defined in Title 38 of the United States Code provided 9 the governing board of such municipality, after public hearing, adopts a 10 local law, ordinance or resolution providing therefor. In computing net 11 rental income and net income from self-employment no depreciation 12 deduction shall be allowed for the exhaustion, wear and tear of real or 13 personal property held for the production of income; 14 § 3. Paragraph (a) of subdivision 5 of section 459-c of the real prop- 15 erty tax law, as amended by chapter 131 of the laws of 2017, is amended 16 to read as follows: 17 (a) if the income of the owner or the combined income of the owners of 18 the property for the income tax year immediately preceding the date of 19 making application for exemption exceeds the sum of three thousand 20 dollars, or such other sum not less than three thousand dollars nor more 21 than twenty-six thousand dollars beginning July first, two thousand six, 22 twenty-seven thousand dollars beginning July first, two thousand seven, 23 twenty-eight thousand dollars beginning July first, two thousand eight, 24 twenty-nine thousand dollars beginning July first, two thousand nine, 25 and in a city with a population of one million or more fifty thousand 26 dollars beginning July first, two thousand seventeen, and fifty-five 27 thousand dollars beginning July first, two thousand twenty-two as may be 28 provided by the local law or resolution adopted pursuant to this 29 section. Income tax year shall mean the twelve month period for which 30 the owner or owners filed a federal personal income tax return, or if no 31 such return is filed, the calendar year. Where title is vested in either 32 the husband or the wife, their combined income may not exceed such sum, 33 except where the husband or wife, or ex-husband or ex-wife is absent 34 from the property due to divorce, legal separation or abandonment, then 35 only the income of the spouse or ex-spouse residing on the property 36 shall be considered and may not exceed such sum. Such income shall 37 include social security and retirement benefits, interest, dividends, 38 total gain from the sale or exchange of a capital asset which may be 39 offset by a loss from the sale or exchange of a capital asset in the 40 same income tax year, net rental income, salary or earnings, and net 41 income from self-employment, but shall not include a return of capital, 42 gifts, inheritances or monies earned through employment in the federal 43 foster grandparent program and any such income shall be offset by all 44 medical and prescription drug expenses actually paid which were not 45 reimbursed or paid for by insurance, if the governing board of a munici- 46 pality, after a public hearing, adopts a local law or resolution provid- 47 ing therefor. In computing net rental income and net income from self- 48 employment no depreciation deduction shall be allowed for the 49 exhaustion, wear and tear of real or personal property held for the 50 production of income; 51 § 4. This act shall take effect immediately, provided that the amend- 52 ments to paragraphs a and b of subdivision 3 of section 467-b of the 53 real property tax law made by section one of this act shall not affect 54 the expiration of such paragraphs and shall be deemed to expire there- 55 with.
