Bill Text: NY A02111 | 2019-2020 | General Assembly | Introduced

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Bill Title: Changes the value of real estate to qualify for income tax circuit breaker credit from a full value which exceeds $85,000 to a full value which exceeds the median sale price of the county in which the real property is located or $85,000, whichever is greater.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to aging [A02111 Detail]

Download: New_York-2019-A02111-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2111
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 22, 2019
                                       ___________
        Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
          Committee on Aging
        AN ACT to amend the tax law, in relation to  the  determination  of  the
          value  of  real  estate  for  purposes  of qualifying for the personal
          income tax 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.  Subparagraph  (C)  of  paragraph  7  of subsection (e) of
     2  section 606 of the tax law, as amended by chapter  28  of  the  laws  of
     3  1987, is amended to read as follows:
     4    (C)  To  a  property  owner  who owns real property, the full value of
     5  which exceeds eighty-five thousand dollars or the median sales price  of
     6  real  property  in  the  county  in  which the real property is located,
     7  whichever is greater, as determined by the commissioner.
     8    § 2. This act shall take effect immediately and shall apply to taxable
     9  years commencing on or after January 1, 2019.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05080-01-9