Bill Text: NY A01257 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to the term "income" for purposes of the school tax relief exemption; adds 401(k) and 403(b) accounts to the list of eligible income deductions when determining Enhanced STAR eligibility.

Spectrum: Moderate Partisan Bill (Democrat 13-3)

Status: (Introduced) 2024-01-03 - referred to real property taxation [A01257 Detail]

Download: New_York-2023-A01257-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1257

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 13, 2023
                                       ___________

        Introduced  by  M.  of A. STIRPE, SEAWRIGHT, THIELE, MAGNARELLI, KELLES,
          GUNTHER,  HUNTER,  ZEBROWSKI,  SIMON,   STECK,   BRAUNSTEIN,   DAVILA,
          JEAN-PIERRE,  ANGELINO, MIKULIN, GALLAHAN -- read once and referred to
          the Committee on Real Property Taxation

        AN ACT to amend the real property tax  law,  in  relation  to  the  term
          "income" for purposes of the school tax relief exemption

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subparagraph (ii) of paragraph  (b)  of  subdivision  4  of
     2  section  425  of  the  real property tax law, as amended by section 1 of
     3  part B of chapter 59 of the laws of 2018, is amended to read as follows:
     4    (ii) The term "income" as used herein shall mean the  "adjusted  gross
     5  income"  for  federal income tax purposes as reported on the applicant's
     6  federal or state income tax return for the applicable income  tax  year,
     7  subject  to  any subsequent amendments or revisions, reduced by distrib-
     8  utions, to  the  extent  included  in  federal  adjusted  gross  income,
     9  received  from  an  individual  retirement  account [and], an individual
    10  retirement annuity, a distribution from  an  account  established  under
    11  section  401(k)  or 403(b) of the United States internal revenue code of
    12  1986 as amended, or a simplified employee pension plan (SEP) established
    13  pursuant to the United States internal revenue code of 1986 as  amended;
    14  provided  that if no such return was filed for the applicable income tax
    15  year, "income" shall mean the adjusted gross income that would have been
    16  so reported if such a return had been filed.    Provided  further,  that
    17  effective  with  exemption applications for final assessment rolls to be
    18  completed in two thousand nineteen, where an income-eligibility determi-
    19  nation is wholly or partly based upon the income of one or more individ-
    20  uals who did not file a return for the applicable income tax year,  then
    21  in  order for the application to be considered complete, each such indi-
    22  vidual must file a statement with the department showing the  source  or
    23  sources of his or her income for that income tax year, and the amount or

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00352-01-3
        A. 1257                             2

     1  amounts  thereof,  that would have been reported on such a return if one
     2  had been filed. Such statement shall be filed at such time, and in  such
     3  form  and  manner,  as may be prescribed by the department, and shall be
     4  subject to the secrecy provisions of the tax law to the same extent that
     5  a  personal  income tax return would be.  The department shall make such
     6  forms and instructions available for the filing of such statements.  The
     7  local assessor shall upon the request of a taxpayer assist such taxpayer
     8  in the filing of the statement with the department.
     9    §  2. This act shall take effect on the first of January next succeed-
    10  ing the date on which it shall have become a law.