Bill Text: NY A00939 | 2017-2018 | General Assembly | Amended
Bill Title: Increases to $36,000 the household gross income limitations for tax credits for real property tax circuit breaker credit; makes such tax credits available to disabled persons as well as to those persons 65 years of age.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-29 - print number 939a [A00939 Detail]
Download: New_York-2017-A00939-Amended.html
STATE OF NEW YORK ________________________________________________________________________ S. 1601--A A. 939--A 2017-2018 Regular Sessions SENATE - ASSEMBLY January 10, 2017 ___________ IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to the real property tax circuit breaker credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (e) of section 606 of the tax law, as amended by 2 chapter 28 of the laws of 1987, subparagraph (B) of paragraph 1 as 3 amended by section 6 of part I of chapter 59 of the laws of 2015, 4 subparagraph (c) of paragraph 1 as amended by chapter 713 of the laws of 5 1996, subparagraph (E) of paragraph 1 as amended by chapter 105 of the 6 laws of 2006, and paragraph 14 as amended by chapter 23 of the laws of 7 1990, is amended to read as follows: 8 (e) Real property tax circuit breaker credit. (1) For purposes of 9 this subsection: 10 (A) "Qualified taxpayer" means a resident individual of the state who 11 has occupied the same residence for six months or more of the taxable 12 year, and is required or chooses to file a return under this article. 13 (B) "Household" or "members of the household" means a qualified 14 taxpayer and all other persons, not necessarily related, who have the 15 same residence and share its furnishings, facilities and accommodations. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07150-02-8S. 1601--A 2 A. 939--A 1 Such terms shall not include a tenant, subtenant, roomer or boarder who 2 is not related to the qualified taxpayer in any degree specified in 3 [subparagraphs (A)] paragraphs one through [(G)] eight of [paragraph two4of] subsection [(d)] (a) of section one hundred fifty-two of the inter- 5 nal revenue code. Provided, however, no person may be a member of more 6 than one household at one time. 7 [(c)] (C) "Household gross income" means the aggregate adjusted gross 8 income of all members of the household for the taxable year as reported 9 for federal income tax purposes, or which would be reported as adjusted 10 gross income if a federal income tax return were required to be filed, 11 with the modifications in subsection (b) of section six hundred twelve 12 but without the modifications in subsection (c) of such section, plus 13 any portion of the gain from the sale or exchange of property otherwise 14 excluded from such amount; earned income from sources without the United 15 States excludable from federal gross income by section nine hundred 16 eleven of the internal revenue code; support money not included in 17 adjusted gross income; nontaxable strike benefits; supplemental security 18 income payments; the gross amount of any pension or annuity benefits to 19 the extent not included in such adjusted gross income (including, but 20 not limited to, railroad retirement benefits and all payments received 21 under the federal social security act and veterans' disability 22 pensions); nontaxable interest received from the state of New York, its 23 agencies, instrumentalities, public corporations, or political subdivi- 24 sions (including a public corporation created pursuant to agreement or 25 compact with another state or Canada); workers' compensation; the gross 26 amount of "loss-of-time" insurance; and the amount of cash public 27 assistance and relief, other than medical assistance for the needy, paid 28 to or for the benefit of the qualified taxpayer or members of his house- 29 hold. Household gross income shall not include surplus foods or other 30 relief in kind or payments made to individuals because of their status 31 as victims of Nazi persecution as defined in P.L. 103-286. Provided, 32 further, household gross income shall only include all such income 33 received by all members of the household while members of such house- 34 hold. 35 (D) "Residence" means a dwelling in this state, whether owned or 36 rented, and so much of the land abutting it, not exceeding one acre, as 37 is reasonably necessary for use of the dwelling as a home, and may 38 consist of a part of a multi-dwelling or multi-purpose building includ- 39 ing a cooperative or condominium, and rental units within a single 40 dwelling. Residence includes a trailer or mobile home, used exclusively 41 for residential purposes and defined as real property pursuant to para- 42 graph (g) of subdivision twelve of section one hundred two of the real 43 property tax law. 44 (E) "Qualifying real property taxes" means all real property taxes, 45 special ad valorem levies and special assessments, exclusive of penal- 46 ties and interest, levied on the residence of a qualified taxpayer and 47 paid during the taxable year less the credit claimed under the former 48 subsection (n-1) of this section. In addition, for taxable years begin- 49 ning after December thirty-first, nineteen hundred eighty-four, a quali- 50 fied taxpayer may elect to include any additional amount that would have 51 been levied in the absence of an exemption from real property taxation 52 pursuant to section four hundred sixty-seven of the real property tax 53 law. If tenant-stockholders in a cooperative housing corporation have 54 met the requirements of section two hundred sixteen of the internal 55 revenue code by which they are allowed a deduction for real estate 56 taxes, the amount of taxes so allowable, or which would be allowable ifS. 1601--A 3 A. 939--A 1 the taxpayer had filed returns on a cash basis, shall be qualifying real 2 property taxes. If a residence is owned by two or more individuals as 3 joint tenants or tenants in common, and one or more than one individual 4 is not a member of the household, qualifying real property taxes is that 5 part of such taxes on the residence which reflects the ownership 6 percentage of the qualified taxpayer and members of his household. If a 7 residence is an integral part of a larger unit, qualifying real property 8 taxes shall be limited to that amount of such taxes paid as may be 9 reasonably apportioned to such residence. If a household owns and occu- 10 pies two or more residences during different periods in the same taxable 11 year, qualifying real property taxes shall be the sum of the prorated 12 qualifying real property taxes attributable to the household during the 13 periods such household occupies each of such residences. If the house- 14 hold owns and occupies a residence for part of the taxable year and 15 rents a residence for part of the same taxable year, it may include both 16 the proration of qualifying real property taxes on the residence owned 17 and the real property tax equivalent with respect to the months the 18 residence is rented. Provided, however, for purposes of the credit 19 allowed under this subsection, qualifying real property taxes may be 20 included by a qualified taxpayer only to the extent that such taxpayer 21 or the spouse of such taxpayer occupying such residence for six months 22 or more of the taxable year owns or has owned the residence and paid 23 such taxes. 24 (F) "Real property tax equivalent" means twenty-five percent of the 25 adjusted rent actually paid in the taxable year by a household solely 26 for the right of occupancy of its New York residence for the taxable 27 year. If (i) a residence is rented to two or more individuals as coten- 28 ants, or such individuals share in the payment of a single rent for the 29 right of occupancy of such residence, and (ii) each of such individuals 30 is a member of a different household, one or more of which individuals 31 shares such residence, real property tax equivalent is that portion of 32 twenty-five percent of the adjusted rent paid in the taxable year which 33 reflects that portion of the rent attributable to the qualified taxpayer 34 and the members of his household. 35 (G) "Adjusted rent" means rental paid for the right of occupancy of a 36 residence, excluding charges for heat, gas, electricity, furnishings and 37 board. Where charges for heat, gas, electricity, furnishing or board 38 are included in rental but where such charges and the amount thereof are 39 not separately set forth in a written rental agreement, for purposes of 40 determining adjusted rent the qualified taxpayer shall reduce rental 41 paid as follows: 42 (i) For heat, or heat and gas, deduct fifteen percent of rental paid. 43 (ii) For heat, gas and electricity, deduct twenty percent of rental 44 paid. 45 (iii) For heat, gas, electricity and furnishings, deduct twenty-five 46 percent of rental paid. 47 (iv) For heat, gas, electricity, furnishings and board, deduct fifty 48 percent of rental paid. 49 If the [tax commission] commissioner determines that the adjusted rent 50 shown on the return is excessive, the [tax commission] commissioner may 51 reduce such rent, for purposes of the computation of the credit, to an 52 amount substantially equivalent to rent for a comparable accommodation. 53 (2) A qualified taxpayer shall be allowed a credit as provided in 54 paragraph three hereof against the taxes imposed by this article reduced 55 by the credits permitted by this article. If the credit exceeds the tax 56 as so reduced for such year under this article the qualified taxpayerS. 1601--A 4 A. 939--A 1 may receive, and the comptroller, subject to a certificate of the [state2tax commission] commissioner, shall pay as an overpayment, without 3 interest, any excess between such tax as so reduced and the amount of 4 the credit. If a qualified taxpayer is not required to file a return 5 pursuant to section six hundred fifty-one of this article, a qualified 6 taxpayer may nevertheless receive and the comptroller, subject to a 7 certificate of the [state tax commission] commissioner, shall pay as an 8 overpayment the full amount of the credit, without interest. 9 (3) Determination of credit. (A) For qualified taxpayers who have 10 attained the age of sixty-five years or a permanent and total disability 11 as defined in section twenty-two of the internal revenue code before the 12 beginning of or during the taxable year the amount of the credit allow- 13 able under this subsection shall be fifty percent, or in the case of a 14 qualified taxpayer who has elected to include an additional amount 15 pursuant to subparagraph (E) of paragraph one of this subsection, twen- 16 ty-five percent, of the excess of real property taxes or the excess of 17 real property tax equivalent determined as follows: 18 Excess real property taxes are 19 the excess of real property tax 20 equivalent or the excess of 21 If household gross qualifying real property taxes 22 income for the over the following percentage of 23 taxable year is: household gross income: 24 ___________________ __________________________________ 25 [$3,000] $6,000 or less 3 1/2 26 Over [$3,000] $6,000 but not 27 over [$5,000] $10,000 4 28 Over [$5,000] $10,000 but not 29 over [$7,000] $14,000 4 1/2 30 Over [$7,000] $14,000 but not 31 over [$9,000] $18,000 5 32 Over [$9,000] $18,000 but not 33 over [$11,000] $22,000 5 1/2 34 Over [$11,000] $22,000 but not 35 over [$14,000] $28,000 6 36 Over [$14,000] $28,000 but not 37 over [$18,000] $36,000 6 1/2 38 Notwithstanding the foregoing provisions, the maximum credit deter- 39 mined under this subparagraph may not exceed the amount determined in 40 accordance with the following table: 41 If household gross The maximum 42 income for the credit is: 43 taxable year is: 44 ___________________ __________________________________ 45 [$1,000] $2,000 or less [$375] $463 46 Over [$1,000] $2,000 but 47 not over [$2,000] $4,000 [$358] $442 48 Over [$2,000] $4,000 but 49 not over [$3,000] $6,000 [$341] $421 50 Over [$3,000] $6,000 but 51 not over [$4,000] $8,000 [$324] $400 52 Over [$4,000] $8,000 but 53 not over [$5,000] $10,000 [$307] $379 54 Over [$5,000] $10,000 butS. 1601--A 5 A. 939--A 1 not over [$6,000] $12,000 [$290] $358 2 Over [$6,000] $12,000 but 3 not over [$7,000] $14,000 [$273] $337 4 Over [$7,000] $14,000 but 5 not over [$8,000] $16,000 [$256] $316 6 Over [$8,000] $16,000 but 7 not over [$9,000] $18,000 [$239] $295 8 Over [$9,000] $18,000 but 9 not over [$10,000] $20,000 [$222] $274 10 Over [$10,000] $20,000 but 11 not over [$11,000] $22,000 [$205] $253 12 Over [$11,000] $22,000 but 13 not over [$12,000] $24,000 [$188] $232 14 Over [$12,000] $24,000 but 15 not over [$13,000] $26,000 [$171] $211 16 Over [$13,000] $26,000 but 17 not over [$14,000] $28,000 [$154] $190 18 Over [$14,000] $28,000 but 19 not over [$15,000] $30,000 [$137] $169 20 Over [$15,000] $30,000 but 21 not over [$16,000] $32,000 [$120] $148 22 Over [$16,000] $32,000 but 23 not over [$17,000] $34,000 [$103] $127 24 Over [$17,000] $34,000 but 25 not over [$18,000] $36,000 [$86] $106 26 (B) For all other qualified taxpayers the amount of the credit allow- 27 able under this subsection shall be fifty percent of excess real proper- 28 ty taxes or the excess of the real property tax equivalent determined as 29 follows: 30 Excess real property taxes are 31 the excess of real property tax 32 equivalent or the excess of 33 If household gross qualifying real property taxes 34 income for the over the following percentage of 35 taxable year is: household gross income: 36 ___________________ __________________________________ 37 [$3,000] $6,000 or less 3 1/2 38 Over [$3,000] $6,000 but not 39 over [$5,000] $10,000 4 40 Over [$5,000] $10,000 but not 41 over [$7,000] $14,000 4 1/2 42 Over [$7,000] $14,000 but not 43 over [$9,000] $18,000 5 44 Over [$9,000] $18,000 but not 45 over [$11,000] $22,000 5 1/2 46 Over [$11,000] $22,000 but not 47 over [$14,000] $28,000 6 48 Over [$14,000] $28,000 but not 49 over [$18,000] $36,000 6 1/2 50 Notwithstanding the foregoing provisions, the maximum credit deter- 51 mined under this subparagraph may not exceed the amount determined in 52 accordance with the following table: 53 If household gross The maximum 54 income for the credit is: 55 taxable year is:S. 1601--A 6 A. 939--A 1 ___________________ __________________________________ 2 [$1,000] $2,000 or less [$75] $163 3 Over [$1,000] $2,000 but 4 not over [$2,000] $4,000 [$73] $158 5 Over [$2,000] $4,000 but 6 not over [$3,000] $6,000 [$71] $154 7 Over [$3,000] $6,000 but 8 not over [$4,000] $8,000 [$69] $149 9 Over [$4,000] $8,000 but 10 not over [$5,000] $10,000 [$67] $145 11 Over [$5,000] $10,000 but 12 not over [$6,000] $12,000 [$65] $140 13 Over [$6,000] $12,000 but 14 not over [$7,000] $14,000 [$63] $136 15 Over [$7,000] $14,000 but 16 not over [$8,000] $16,000 [$61] $132 17 Over [$8,000] $16,000 but 18 not over [$9,000] $18,000 [$59] $128 19 Over [$9,000] $18,000 but 20 not over [$10,000] $20,000 [$57] $123 21 Over [$10,000] $20,000 but 22 not over [$11,000] $22,000 [$55] $119 23 Over [$11,000] $22,000 but 24 not over [$12,000] $24,000 [$53] $115 25 Over [$12,000] $24,000 but 26 not over [$13,000] $26,000 [$51] $110 27 Over [$13,000] $26,000 but 28 not over [$14,000] $28,000 [$49] $106 29 Over [$14,000] $28,000 but 30 not over [$15,000] $30,000 [$47] $102 31 Over [$15,000] $30,000 but 32 not over [$16,000] $32,000 [$45] $97 33 Over [$16,000] $32,000 but 34 not over [$17,000] $34,000 [$43] $93 35 Over [$17,000] $34,000 but 36 not over [$18,000] $36,000 [$41] $89 37 (4) If a qualified taxpayer occupies a residence for a period of less 38 than twelve months during the taxable year or occupies two or more resi- 39 dences during different periods in such taxable year, the credit allowed 40 pursuant to this subsection shall be computed in such manner as the [tax41commission] commissioner may, by regulation, prescribe in order to prop- 42 erly reflect the credit or portion thereof attributable to such resi- 43 dence or residences and such period or periods. 44 (5) The [tax commission] commissioner may prescribe that the credit 45 under this subsection shall be determined in whole or in part by the use 46 of tables prescribed by such [commission] commissioner. Such tables 47 shall set forth the credit to the nearest dollar. 48 (6) Only one credit per household and per qualified taxpayer shall be 49 allowed per taxable year under this subsection. When two or more 50 members of a household are able to meet the qualifications for a quali- 51 fied taxpayer, the credit shall be equally divided between or among such 52 individuals unless such individuals file with the [tax commission] 53 commissioner a written agreement among such individuals setting forth a 54 different division. Where two or more members of a household are able 55 to meet the qualifications of a qualified taxpayer and one of them is 56 sixty-five years of age or more or has a permanent and total disability,S. 1601--A 7 A. 939--A 1 the credit which may be taken shall be the credit applicable to individ- 2 uals who have attained the age of sixty-five years. 3 (A) Provided, however, where a joint income tax return has been filed 4 pursuant to the provisions of section six hundred fifty-one of this 5 article by a qualified taxpayer and his or her spouse (or where both 6 spouses are qualified taxpayers and have filed such joint return), the 7 credit, or the portion of the credit if divided, to which the husband 8 and wife are entitled shall be applied against the tax of both spouses 9 and any overpayment shall be made to both spouses. 10 (B) Where any return required to be filed pursuant to the provisions 11 of section six hundred fifty-one of this article is combined with any 12 return of tax imposed pursuant to the authority of this chapter or any 13 other law if such tax is administered by the [tax commission] commis- 14 sioner, the credit or the portion of the credit if divided, allowed to 15 the qualified taxpayer may be applied by the [tax commission] commis- 16 sioner toward any liability for the aforementioned taxes. 17 (7) No credit shall be granted under this subsection: 18 (A) If household gross income for the taxable year exceeds [eighteen] 19 thirty-six thousand dollars. 20 (B) To a property owner unless: (i) the property is used for residen- 21 tial purposes, (ii) not more than twenty percent of the rental income, 22 if any, from the property is from rental for nonresidential purposes and 23 (iii) the property is occupied as a residence in whole or in part by one 24 or more of the owners of the property. 25 (C) To a property owner who owns real property for over two years, the 26 full value of which exceeds [eighty-five thousand dollars] the median 27 full value of residential real property sales within the county where it 28 is located, as determined by the state board of real property services, 29 or the median full value of residential real property in the state, as 30 determined by the state board of real property services, whichever is 31 less. 32 (D) To a tenant if the adjusted rent for the residence exceeds [four] 33 eight hundred [fifty] dollars per month on average. 34 (E) To an individual with respect to whom a deduction under subsection 35 (c) of section one hundred fifty-one of the internal revenue code is 36 allowable to another taxpayer for the taxable year. 37 (F) With respect to a residence that is wholly exempted from real 38 property taxation. 39 (G) To an individual who is not a resident individual of the state for 40 the entire taxable year. 41 (H) Where a household or qualified taxpayer has claimed an earned 42 income tax credit pursuant to this section. 43 (I) To an individual whose household gross income is more than eighty 44 percent of the state median family income. 45 (8) The right to claim a credit or the portion of a credit, where 46 such credit has been divided under this subsection, shall be personal to 47 the qualified taxpayer and shall not survive his or her death, but such 48 right may be exercised on behalf of a claimant by his or her legal guar- 49 dian or attorney in fact during his or her lifetime. 50 (9) Returns. If a qualified taxpayer is not required to file a return 51 pursuant to section six hundred fifty-one of this article, a claim for a 52 credit may be taken on a return filed with the [tax commission] commis- 53 sioner within three years from the time it would have been required that 54 a return be filed pursuant to such section had the qualified taxpayer 55 had a taxable year ending on December thirty-first. Returns under this 56 paragraph shall be in such form as shall be prescribed by the [taxS. 1601--A 8 A. 939--A 1commission] commissioner, which shall make available such forms and 2 instructions for filing such returns. 3 (10) Proof of claim. The [tax commission] commissioner may require a 4 qualified taxpayer to furnish the following information in support of 5 his claim for credit under this subsection: household gross income, 6 rent paid, name and address of owner or managing agent of the property 7 rented, real property taxes levied or that would have been levied in the 8 absence of an exemption from real property tax pursuant to section four 9 hundred sixty-seven of the real property tax law, the names of members 10 of the household and other qualifying taxpayers occupying the same resi- 11 dence and their identifying numbers including social security numbers, 12 household gross income, size and nature of property claimed as residence 13 and all other information which may be required by the [tax commission] 14 commissioner to determine the credit. 15 (11) Administration. The provisions of this article, including the 16 provisions of section six hundred fifty-three, six hundred fifty-eight, 17 and six hundred fifty-nine and the provisions of part six of this arti- 18 cle relating to procedure and administration, including the judicial 19 review of the decisions of the [tax commission] commissioner, except so 20 much of section six hundred eighty-seven of this article which permits a 21 claim for credit or refund to be filed after the period provided for in 22 paragraph nine of this subsection and except sections six hundred 23 fifty-seven, six hundred eighty-eight and six hundred ninety-six of this 24 article, shall apply to the provisions of this subsection in the same 25 manner and with the same force and effect as if the language of those 26 provisions had been incorporated in full into this subsection and had 27 expressly referred to the credit allowed or returns filed under this 28 subsection, except to the extent that any such provision is either 29 inconsistent with a provision of this subsection or is not relevant to 30 this subsection. As used in such sections and such part, the term 31 "taxpayer" shall include a qualified taxpayer under this subsection and, 32 notwithstanding the provisions of subsection (e) of section six hundred 33 ninety-seven of this article, where a qualified taxpayer has protested 34 the denial of a claim for credit under this subsection and the time to 35 file a petition for redetermination of a deficiency or for refund has 36 not expired, he or she shall, subject to such conditions as may be set 37 by the [tax commission] commissioner, receive such information (A) which 38 is contained in any return filed under this article by a member of his 39 or her household for the taxable year for which the credit is claimed, 40 and (B) which the [tax commission] commissioner finds is relevant and 41 material to the issue of whether such claim was properly denied. The 42 [tax commission] commissioner shall have the authority to promulgate 43 such rules and regulations as may be necessary for the processing, 44 determination and granting of credits and refunds under this subsection. 45 (13) Notwithstanding any other provision of this article, the credit 46 allowed under this subsection shall be determined after the determi- 47 nation and application of any other credits permitted under the 48 provisions of this article. 49 (14) The commissioner [of taxation and finance] shall prepare a 50 preliminary written report after July thirty-first and a final written 51 report after December thirty-first of each calendar year, which shall 52 contain statistical information regarding the credits granted on or 53 before such dates under this subsection during such calendar year. 54 Copies of these reports shall be submitted by such commissioner to the 55 governor, the temporary president of the senate, the speaker of the 56 assembly, the chairman of the senate finance committee and the chairmanS. 1601--A 9 A. 939--A 1 of the assembly ways and means committee within sixty days of July thir- 2 ty-first with respect to the preliminary report, and within forty-five 3 days of December thirty-first with respect to the final report. Such 4 reports shall contain, but need not be limited to, the number of credits 5 and the average amount of such credits allowed; and of those, the number 6 of credits and the average amount of such credits allowed to qualified 7 taxpayers in each county; and of those, the number of credits and the 8 average amount of such credits allowed to qualified taxpayers whose 9 household gross income falls within each of the household gross income 10 ranges set forth in paragraph three of this subsection; and of those, 11 the number of credits and the average amount of such credits allowed to 12 qualified taxpayers whose credit amount falls within credit amount rang- 13 es set forth in twenty-five dollar increments. 14 § 2. Paragraph 3 of subsection (e) of section 606 of the tax law, as 15 amended by section one of this act, is amended to read as follows: 16 (3) Determination of credit. (A) For qualified taxpayers who have 17 attained the age of sixty-five years or a permanent and total disability 18 as defined in section twenty-two of the internal revenue code before the 19 beginning of or during the taxable year the amount of the credit allow- 20 able under this subsection shall be fifty percent, or in the case of a 21 qualified taxpayer who has elected to include an additional amount 22 pursuant to subparagraph (E) of paragraph one of this subsection, twen- 23 ty-five percent, of the excess of real property taxes or the excess of 24 real property tax equivalent determined as follows: 25 Excess real property taxes are 26 the excess of real property tax 27 equivalent or the excess of 28 If household gross qualifying real property taxes 29 income for the over the following percentage of 30 taxable year is: household gross income: 31 ___________________ __________________________________ 32 $6,000 or less 3 1/2 33 Over $6,000 but not 34 over $10,000 4 35 Over $10,000 but not 36 over $14,000 4 1/2 37 Over $14,000 but not 38 over $18,000 5 39 Over $18,000 but not 40 over $22,000 5 1/2 41 Over $22,000 but not 42 over $28,000 6 43 Over $28,000 but not 44 over $36,000 6 1/2 45 Notwithstanding the foregoing provisions, the maximum credit deter- 46 mined under this subparagraph may not exceed the amount determined in 47 accordance with the following table: 48 If household gross The maximum 49 income for the credit is: 50 taxable year is: 51 ___________________ __________________________________ 52 $2,000 or less [$463] $550 53 Over $2,000 but 54 not over $4,000 [$442] $525 55 Over $4,000 butS. 1601--A 10 A. 939--A 1 not over $6,000 [$421] $500 2 Over $6,000 but 3 not over $8,000 [$400] $475 4 Over $8,000 but 5 not over $10,000 [$379] $450 6 Over $10,000 but 7 not over $12,000 [$358] $425 8 Over $12,000 but 9 not over $14,000 [$337] $400 10 Over $14,000 but 11 not over $16,000 [$316] $375 12 Over $16,000 but 13 not over $18,000 [$295] $350 14 Over $18,000 but 15 not over $20,000 [$274] $325 16 Over $20,000 but 17 not over $22,000 [$253] $300 18 Over $22,000 but 19 not over $24,000 [$232] $275 20 Over $24,000 but 21 not over $26,000 [$211] $250 22 Over $26,000 but 23 not over $28,000 [$190] $225 24 Over $28,000 but 25 not over $30,000 [$169] $200 26 Over $30,000 but 27 not over $32,000 [$148] $175 28 Over $32,000 but 29 not over $34,000 [$127] $150 30 Over $34,000 but 31 not over $36,000 [$106] $125 32 (B) For all other qualified taxpayers the amount of the credit allow- 33 able under this subsection shall be fifty percent of excess real proper- 34 ty taxes or the excess of the real property tax equivalent determined as 35 follows: 36 Excess real property taxes are 37 the excess of real property tax 38 equivalent or the excess of 39 If household gross qualifying real property taxes 40 income for the over the following percentage of 41 taxable year is: household gross income: 42 ___________________ __________________________________ 43 $6,000 or less 3 1/2 44 Over $6,000 but not 45 over $10,000 4 46 Over $10,000 but not 47 over $14,000 4 1/2 48 Over $14,000 but not 49 over $18,000 5 50 Over $18,000 but not 51 over $22,000 5 1/2 52 Over $22,000 but not 53 over $28,000 6 54 Over $28,000 but not 55 over $36,000 6 1/2S. 1601--A 11 A. 939--A 1 Notwithstanding the foregoing provisions, the maximum credit deter- 2 mined under this subparagraph may not exceed the amount determined in 3 accordance with the following table: 4 If household gross The maximum 5 income for the credit is: 6 taxable year is: 7 ___________________ __________________________________ 8 $2,000 or less [$163] $250 9 Over $2,000 but 10 not over $4,000 [$158] $243 11 Over $4,000 but 12 not over $6,000 [$154] $237 13 Over $6,000 but 14 not over $8,000 [$149] $230 15 Over $8,000 but 16 not over $10,000 [$145] $223 17 Over $10,000 but 18 not over $12,000 [$140] $217 19 Over $12,000 but 20 not over $14,000 [$136] $210 21 Over $14,000 but 22 not over $16,000 [$132] $203 23 Over $16,000 but 24 not over $18,000 [$128] $197 25 Over $18,000 but 26 not over $20,000 [$123] $190 27 Over $20,000 but 28 not over $22,000 [$119] $183 29 Over $22,000 but 30 not over $24,000 [$115] $177 31 Over $24,000 but 32 not over $26,000 [$110] $170 33 Over $26,000 but 34 not over $28,000 [$106] $163 35 Over $28,000 but 36 not over $30,000 [$102] $157 37 Over $30,000 but 38 not over $32,000 [$97] $150 39 Over $32,000 but 40 not over $34,000 [$93] $143 41 Over $34,000 but 42 not over $36,000 [$89] $137 43 § 3. This act shall take effect immediately; provided, however, that 44 section two of this act shall take effect January 1, 2020.
