Bill Text: NY A02394 | 2013-2014 | 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) 2014-02-19 - print number 2394a [A02394 Detail]
Download: New_York-2013-A02394-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
S. 2277--A A. 2394--A
2013-2014 Regular Sessions
S E N A T E - A S S E M B L Y
January 15, 2013
___________
IN SENATE -- Introduced by Sens. LAVALLE, LARKIN -- read twice and
ordered printed, and when printed to be committed to the Committee on
Investigations and Government Operations -- recommitted to the Commit-
tee 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 (c) of paragraph 1 as
3 amended by chapter 713 of the laws of 1996, subparagraph (E) of para-
4 graph 1 as amended by chapter 105 of the laws of 2006, and paragraph 14
5 as amended by chapter 23 of the laws of 1990, is amended to read as
6 follows:
7 (e) Real property tax circuit breaker credit. (1) For purposes of
8 this subsection:
9 (A) "Qualified taxpayer" means a resident individual of the state who
10 has occupied the same residence for six months or more of the taxable
11 year, and is required or chooses to file a return under this article.
12 (B) "Household" or "members of the household" means a qualified
13 taxpayer and all other persons, not necessarily related, who have the
14 same residence and share its furnishings, facilities and accommodations.
15 Such terms shall not include a tenant, subtenant, roomer or boarder who
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06127-02-4
S. 2277--A 2 A. 2394--A
1 is not related to the qualified taxpayer in any degree specified in
2 paragraphs one through eight of subsection (a) of section one hundred
3 fifty-two of the internal revenue code. Provided, however, no person
4 may be a member of more than one household at one time.
5 [(c)] (C) "Household gross income" means the aggregate adjusted gross
6 income of all members of the household for the taxable year as reported
7 for federal income tax purposes, or which would be reported as adjusted
8 gross income if a federal income tax return were required to be filed,
9 with the modifications in subsection (b) of section six hundred twelve
10 but without the modifications in subsection (c) of such section, plus
11 any portion of the gain from the sale or exchange of property otherwise
12 excluded from such amount; earned income from sources without the United
13 States excludable from federal gross income by section nine hundred
14 eleven of the internal revenue code; support money not included in
15 adjusted gross income; nontaxable strike benefits; supplemental security
16 income payments; the gross amount of any pension or annuity benefits to
17 the extent not included in such adjusted gross income (including, but
18 not limited to, railroad retirement benefits and all payments received
19 under the federal social security act and veterans' disability
20 pensions); nontaxable interest received from the state of New York, its
21 agencies, instrumentalities, public corporations, or political subdivi-
22 sions (including a public corporation created pursuant to agreement or
23 compact with another state or Canada); workers' compensation; the gross
24 amount of "loss-of-time" insurance; and the amount of cash public
25 assistance and relief, other than medical assistance for the needy, paid
26 to or for the benefit of the qualified taxpayer or members of his house-
27 hold. Household gross income shall not include surplus foods or other
28 relief in kind or payments made to individuals because of their status
29 as victims of Nazi persecution as defined in P.L. 103-286. Provided,
30 further, household gross income shall only include all such income
31 received by all members of the household while members of such house-
32 hold.
33 (D) "Residence" means a dwelling in this state, whether owned or
34 rented, and so much of the land abutting it, not exceeding one acre, as
35 is reasonably necessary for use of the dwelling as a home, and may
36 consist of a part of a multi-dwelling or multi-purpose building includ-
37 ing a cooperative or condominium, and rental units within a single
38 dwelling. Residence includes a trailer or mobile home, used exclusively
39 for residential purposes and defined as real property pursuant to para-
40 graph (g) of subdivision twelve of section one hundred two of the real
41 property tax law.
42 (E) "Qualifying real property taxes" means all real property taxes,
43 special ad valorem levies and special assessments, exclusive of penal-
44 ties and interest, levied on the residence of a qualified taxpayer and
45 paid during the taxable year less the credit claimed under THE FORMER
46 subsection (n-1) of this section. In addition, for taxable years begin-
47 ning after December thirty-first, nineteen hundred eighty-four, a quali-
48 fied taxpayer may elect to include any additional amount that would have
49 been levied in the absence of an exemption from real property taxation
50 pursuant to section four hundred sixty-seven of the real property tax
51 law. If tenant-stockholders in a cooperative housing corporation have
52 met the requirements of section two hundred sixteen of the internal
53 revenue code by which they are allowed a deduction for real estate
54 taxes, the amount of taxes so allowable, or which would be allowable if
55 the taxpayer had filed returns on a cash basis, shall be qualifying real
56 property taxes. If a residence is owned by two or more individuals as
S. 2277--A 3 A. 2394--A
1 joint tenants or tenants in common, and one or more than one individual
2 is not a member of the household, qualifying real property taxes is that
3 part of such taxes on the residence which reflects the ownership
4 percentage of the qualified taxpayer and members of his household. If a
5 residence is an integral part of a larger unit, qualifying real property
6 taxes shall be limited to that amount of such taxes paid as may be
7 reasonably apportioned to such residence. If a household owns and occu-
8 pies two or more residences during different periods in the same taxable
9 year, qualifying real property taxes shall be the sum of the prorated
10 qualifying real property taxes attributable to the household during the
11 periods such household occupies each of such residences. If the house-
12 hold owns and occupies a residence for part of the taxable year and
13 rents a residence for part of the same taxable year, it may include both
14 the proration of qualifying real property taxes on the residence owned
15 and the real property tax equivalent with respect to the months the
16 residence is rented. Provided, however, for purposes of the credit
17 allowed under this subsection, qualifying real property taxes may be
18 included by a qualified taxpayer only to the extent that such taxpayer
19 or the spouse of such taxpayer occupying such residence for six months
20 or more of the taxable year owns or has owned the residence and paid
21 such taxes.
22 (F) "Real property tax equivalent" means twenty-five percent of the
23 adjusted rent actually paid in the taxable year by a household solely
24 for the right of occupancy of its New York residence for the taxable
25 year. If (i) a residence is rented to two or more individuals as coten-
26 ants, or such individuals share in the payment of a single rent for the
27 right of occupancy of such residence, and (ii) each of such individuals
28 is a member of a different household, one or more of which individuals
29 shares such residence, real property tax equivalent is that portion of
30 twenty-five percent of the adjusted rent paid in the taxable year which
31 reflects that portion of the rent attributable to the qualified taxpayer
32 and the members of his household.
33 (G) "Adjusted rent" means rental paid for the right of occupancy of a
34 residence, excluding charges for heat, gas, electricity, furnishings and
35 board. Where charges for heat, gas, electricity, furnishing or board
36 are included in rental but where such charges and the amount thereof are
37 not separately set forth in a written rental agreement, for purposes of
38 determining adjusted rent the qualified taxpayer shall reduce rental
39 paid as follows:
40 (i) For heat, or heat and gas, deduct fifteen percent of rental paid.
41 (ii) For heat, gas and electricity, deduct twenty percent of rental
42 paid.
43 (iii) For heat, gas, electricity and furnishings, deduct twenty-five
44 percent of rental paid.
45 (iv) For heat, gas, electricity, furnishings and board, deduct fifty
46 percent of rental paid.
47 If the [tax commission] COMMISSIONER determines that the adjusted rent
48 shown on the return is excessive, the [tax commission] COMMISSIONER may
49 reduce such rent, for purposes of the computation of the credit, to an
50 amount substantially equivalent to rent for a comparable accommodation.
51 (2) A qualified taxpayer shall be allowed a credit as provided in
52 paragraph three hereof against the taxes imposed by this article reduced
53 by the credits permitted by this article. If the credit exceeds the tax
54 as so reduced for such year under this article the qualified taxpayer
55 may receive, and the comptroller, subject to a certificate of the [state
56 tax commission] COMMISSIONER, shall pay as an overpayment, without
S. 2277--A 4 A. 2394--A
1 interest, any excess between such tax as so reduced and the amount of
2 the credit. If a qualified taxpayer is not required to file a return
3 pursuant to section six hundred fifty-one, a qualified taxpayer may
4 nevertheless receive and the comptroller, subject to a certificate of
5 the [state tax commission] COMMISSIONER, shall pay as an overpayment the
6 full amount of the credit, without interest.
7 (3) Determination of credit. (A) For qualified taxpayers who have
8 attained the age of sixty-five years OR A PERMANENT AND TOTAL DISABILITY
9 AS DEFINED IN SECTION TWENTY-TWO OF THE INTERNAL REVENUE CODE before the
10 beginning of or during the taxable year the amount of the credit allow-
11 able under this subsection shall be fifty percent, or in the case of a
12 qualified taxpayer who has elected to include an additional amount
13 pursuant to subparagraph (E) of paragraph one of this subsection, twen-
14 ty-five percent, of the excess of real property taxes or the excess of
15 real property tax equivalent determined as follows:
16 Excess real property taxes are
17 the excess of real property tax
18 equivalent or the excess of
19 If household gross qualifying real property taxes
20 income for the over the following percentage of
21 taxable year is: household gross income:
22 ___________________ _________________________________
23 [$3,000] $6,000 or less 3 1/2
24 Over [$3,000] $6,000 but not
25 over [$5,000] $10,000 4
26 Over [$5,000] $10,000 but not
27 over [$7,000] $14,000 4 1/2
28 Over [$7,000] $14,000 but not
29 over [$9,000] $18,000 5
30 Over [$9,000] $18,000 but not
31 over [$11,000] $22,000 5 1/2
32 Over [$11,000] $22,000 but not
33 over [$14,000] $28,000 6
34 Over [$14,000] $28,000 but not
35 over [$18,000] $36,000 6 1/2
36 Notwithstanding the foregoing provisions, the maximum credit deter-
37 mined under this subparagraph may not exceed the amount determined in
38 accordance with the following table:
39 If household gross The maximum
40 income for the credit is:
41 taxable year is:
42 ___________________ _________________________________
43 [$1,000] $2,000 or less [$375] $463
44 Over [$1,000] $2,000 but
45 not over [$2,000] $4,000 [$358] $442
46 Over [$2,000] $4,000 but
47 not over [$3,000] $6,000 [$341] $421
48 Over [$3,000] $6,000 but
49 not over [$4,000] $8,000 [$324] $400
50 Over [$4,000] $8,000 but
51 not over [$5,000] $10,000 [$307] $379
52 Over [$5,000] $10,000 but
53 not over [$6,000] $12,000 [$290] $358
54 Over [$6,000] $12,000 but
S. 2277--A 5 A. 2394--A
1 not over [$7,000] $14,000 [$273] $337
2 Over [$7,000] $14,000 but
3 not over [$8,000] $16,000 [$256] $316
4 Over [$8,000] $16,000 but
5 not over [$9,000] $18,000 [$239] $295
6 Over [$9,000] $18,000 but
7 not over [$10,000] $20,000 [$222] $274
8 Over [$10,000] $20,000 but
9 not over [$11,000] $22,000 [$205] $253
10 Over [$11,000] $22,000 but
11 not over [$12,000] $24,000 [$188] $232
12 Over [$12,000] $24,000 but
13 not over [$13,000] $26,000 [$171] $211
14 Over [$13,000] $26,000 but
15 not over [$14,000] $28,000 [$154] $190
16 Over [$14,000] $28,000 but
17 not over [$15,000] $30,000 [$137] $169
18 Over [$15,000] $30,000 but
19 not over [$16,000] $32,000 [$120] $148
20 Over [$16,000] $32,000 but
21 not over [$17,000] $34,000 [$103] $127
22 Over [$17,000] $34,000 but
23 not over [$18,000] $36,000 [$86] $106
24 (B) For all other qualified taxpayers the amount of the credit allow-
25 able under this subsection shall be fifty percent of excess real proper-
26 ty taxes or the excess of the real property tax equivalent determined as
27 follows:
28 Excess real property taxes are
29 the excess of real property tax
30 equivalent or the excess of
31 If household gross qualifying real property taxes
32 income for the over the following percentage of
33 taxable year is: household gross income:
34 ___________________ _________________________________
35 [$3,000] $6,000 or less 3 1/2
36 Over [$3,000] $6,000 but not
37 over [$5,000] $10,000 4
38 Over [$5,000] $10,000 but not
39 over [$7,000] $14,000 4 1/2
40 Over [$7,000] $14,000 but not
41 over [$9,000] $18,000 5
42 Over [$9,000] $18,000 but not
43 over [$11,000] $22,000 5 1/2
44 Over [$11,000] $22,000 but not
45 over [$14,000] $28,000 6
46 Over [$14,000] $28,000 but not
47 over [$18,000] $36,000 6 1/2
48 Notwithstanding the foregoing provisions, the maximum credit deter-
49 mined under this subparagraph may not exceed the amount determined in
50 accordance with the following table:
51 If household gross The maximum
52 income for the credit is:
53 taxable year is:
54 ___________________ _________________________________
55 [$1,000] $2,000 or less [$75] $163
S. 2277--A 6 A. 2394--A
1 Over [$1,000] $2,000 but
2 not over [$2,000] $4,000 [$73] $158
3 Over [$2,000] $4,000 but
4 not over [$3,000] $6,000 [$71] $154
5 Over [$3,000] $6,000 but
6 not over [$4,000] $8,000 [$69] $149
7 Over [$4,000] $8,000 but
8 not over [$5,000] $10,000 [$67] $145
9 Over [$5,000] $10,000 but
10 not over [$6,000] $12,000 [$65] $140
11 Over [$6,000] $12,000 but
12 not over [$7,000] $14,000 [$63] $136
13 Over [$7,000] $14,000 but
14 not over [$8,000] $16,000 [$61] $132
15 Over [$8,000] $16,000 but
16 not over [$9,000] $18,000 [$59] $128
17 Over [$9,000] $18,000 but
18 not over [$10,000] $20,000 [$57] $123
19 Over [$10,000] $20,000 but
20 not over [$11,000] $22,000 [$55] $119
21 Over [$11,000] $22,000 but
22 not over [$12,000] $24,000 [$53] $115
23 Over [$12,000] $24,000 but
24 not over [$13,000] $26,000 [$51] $110
25 Over [$13,000] $26,000 but
26 not over [$14,000] $28,000 [$49] $106
27 Over [$14,000] $28,000 but
28 not over [$15,000] $30,000 [$47] $102
29 Over [$15,000] $30,000 but
30 not over [$16,000] $32,000 [$45] $97
31 Over [$16,000] $32,000 but
32 not over [$17,000] $34,000 [$43] $93
33 Over [$17,000] $34,000 but
34 not over [$18,000] $36,000 [$41] $89
35 (4) If a qualified taxpayer occupies a residence for a period of less
36 than twelve months during the taxable year or occupies two or more resi-
37 dences during different periods in such taxable year, the credit allowed
38 pursuant to this subsection shall be computed in such manner as the [tax
39 commission] COMMISSIONER may, by regulation, prescribe in order to prop-
40 erly reflect the credit or portion thereof attributable to such resi-
41 dence or residences and such period or periods.
42 (5) The [tax commission] COMMISSIONER may prescribe that the credit
43 under this subsection shall be determined in whole or in part by the use
44 of tables prescribed by such [commission] COMMISSIONER. Such tables
45 shall set forth the credit to the nearest dollar.
46 (6) Only one credit per household and per qualified taxpayer shall be
47 allowed per taxable year under this subsection. When two or more
48 members of a household are able to meet the qualifications for a quali-
49 fied taxpayer, the credit shall be equally divided between or among such
50 individuals unless such individuals file with the [tax commission]
51 COMMISSIONER a written agreement among such individuals setting forth a
52 different division. Where two or more members of a household are able
53 to meet the qualifications of a qualified taxpayer and one of them is
54 sixty-five years of age or more OR HAS A PERMANENT AND TOTAL DISABILITY,
55 the credit which may be taken shall be the credit applicable to individ-
56 uals who have attained the age of sixty-five years.
S. 2277--A 7 A. 2394--A
1 (A) Provided, however, where a joint income tax return has been filed
2 pursuant to the provisions of section six hundred fifty-one by a quali-
3 fied taxpayer and his OR HER spouse (or where both spouses are qualified
4 taxpayers and have filed such joint return), the credit, or the portion
5 of the credit if divided, to which the husband and wife are entitled
6 shall be applied against the tax of both spouses and any overpayment
7 shall be made to both spouses.
8 (B) Where any return required to be filed pursuant to the provisions of
9 section six hundred fifty-one is combined with any return of tax imposed
10 pursuant to the authority of this chapter or any other law if such tax
11 is administered by the [tax commission] COMMISSIONER, the credit or the
12 portion of the credit if divided, allowed to the qualified taxpayer may
13 be applied by the [tax commission] COMMISSIONER toward any liability for
14 the aforementioned taxes.
15 (7) No credit shall be granted under this subsection:
16 (A) If household gross income for the taxable year exceeds [eighteen]
17 THIRTY-SIX thousand dollars.
18 (B) To a property owner unless: (i) the property is used for residen-
19 tial purposes, (ii) not more than twenty percent of the rental income,
20 if any, from the property is from rental for nonresidential purposes and
21 (iii) the property is occupied as a residence in whole or in part by one
22 or more of the owners of the property.
23 (C) To a property owner who owns real property FOR OVER TWO YEARS, the
24 full value of which exceeds [eighty-five thousand dollars] THE MEDIAN
25 FULL VALUE OF RESIDENTIAL REAL PROPERTY SALES WITHIN THE COUNTY WHERE IT
26 IS LOCATED, AS DETERMINED BY THE STATE BOARD OF REAL PROPERTY SERVICES,
27 OR THE MEDIAN FULL VALUE OF RESIDENTIAL REAL PROPERTY IN THE STATE, AS
28 DETERMINED BY THE STATE BOARD OF REAL PROPERTY SERVICES, WHICHEVER IS
29 LESS.
30 (D) To a tenant if the adjusted rent for the residence exceeds [four]
31 EIGHT hundred [fifty] dollars per month on average.
32 (E) To an individual with respect to whom a deduction under subsection
33 (c) of section one hundred fifty-one of the internal revenue code is
34 allowable to another taxpayer for the taxable year.
35 (F) With respect to a residence that is wholly exempted from real
36 property taxation.
37 (G) To an individual who is not a resident individual of the state for
38 the entire taxable year.
39 (H) WHERE A HOUSEHOLD OR QUALIFIED TAXPAYER HAS CLAIMED AN EARNED
40 INCOME TAX CREDIT PURSUANT TO THIS SECTION.
41 (I) TO AN INDIVIDUAL WHOSE HOUSEHOLD GROSS INCOME IS MORE THAN EIGHTY
42 PERCENT OF THE STATE MEDIAN FAMILY INCOME.
43 (8) The right to claim a credit or the portion of a credit, where
44 such credit has been divided under this subsection, shall be personal to
45 the qualified taxpayer and shall not survive his OR HER death, but such
46 right may be exercised on behalf of a claimant by his OR HER legal guar-
47 dian or attorney in fact during his OR HER lifetime.
48 (9) Returns. If a qualified taxpayer is not required to file a return
49 pursuant to section six hundred fifty-one, a claim for a credit may be
50 taken on a return filed with the [tax commission] COMMISSIONER within
51 three years from the time it would have been required that a return be
52 filed pursuant to such section had the qualified taxpayer had a taxable
53 year ending on December thirty-first. Returns under this paragraph shall
54 be in such form as shall be prescribed by the [tax commission] COMMIS-
55 SIONER, which shall make available such forms and instructions for
56 filing such returns.
S. 2277--A 8 A. 2394--A
1 (10) Proof of claim. The [tax commission] COMMISSIONER may require a
2 qualified taxpayer to furnish the following information in support of
3 his claim for credit under this subsection: household gross income,
4 rent paid, name and address of owner or managing agent of the property
5 rented, real property taxes levied or that would have been levied in the
6 absence of an exemption from real property tax pursuant to section four
7 hundred sixty-seven of the real property tax law, the names of members
8 of the household and other qualifying taxpayers occupying the same resi-
9 dence and their identifying numbers including social security numbers,
10 household gross income, size and nature of property claimed as residence
11 and all other information which may be required by the [tax commission]
12 COMMISSIONER to determine the credit.
13 (11) Administration. The provisions of this article, including the
14 provisions of section six hundred fifty-three, six hundred fifty-eight,
15 and six hundred fifty-nine and the provisions of part six of this arti-
16 cle relating to procedure and administration, including the judicial
17 review of the decisions of the [tax commission] COMMISSIONER, except so
18 much of section six hundred eighty-seven which permits a claim for cred-
19 it or refund to be filed after the period provided for in paragraph nine
20 of this subsection and except sections six hundred fifty-seven, six
21 hundred eighty-eight and six hundred ninety-six, shall apply to the
22 provisions of this subsection in the same manner and with the same force
23 and effect as if the language of those provisions had been incorporated
24 in full into this subsection and had expressly referred to the credit
25 allowed or returns filed under this subsection, except to the extent
26 that any such provision is either inconsistent with a provision of this
27 subsection or is not relevant to this subsection. As used in such
28 sections and such part, the term "taxpayer" shall include a qualified
29 taxpayer under this subsection and, notwithstanding the provisions of
30 subsection (e) of section six hundred ninety-seven, where a qualified
31 taxpayer has protested the denial of a claim for credit under this
32 subsection and the time to file a petition for redetermination of a
33 deficiency or for refund has not expired, he OR SHE shall, subject to
34 such conditions as may be set by the [tax commission] COMMISSIONER,
35 receive such information (A) which is contained in any return filed
36 under this article by a member of his OR HER household for the taxable
37 year for which the credit is claimed, and (B) which the [tax commission]
38 COMMISSIONER finds is relevant and material to the issue of whether such
39 claim was properly denied. The [tax commission] COMMISSIONER shall have
40 the authority to promulgate such rules and regulations as may be neces-
41 sary for the processing, determination and granting of credits and
42 refunds under this subsection.
43 (13) Notwithstanding any other provision of this article, the credit
44 allowed under this subsection shall be determined after the determi-
45 nation and application of any other credits permitted under the
46 provisions of this article.
47 (14) The commissioner [of taxation and finance] shall prepare a
48 preliminary written report after July thirty-first and a final written
49 report after December thirty-first of each calendar year, which shall
50 contain statistical information regarding the credits granted on or
51 before such dates under this subsection during such calendar year.
52 Copies of these reports shall be submitted by such commissioner to the
53 governor, the temporary president of the senate, the speaker of the
54 assembly, the chairman of the senate finance committee and the chairman
55 of the assembly ways and means committee within sixty days of July thir-
56 ty-first with respect to the preliminary report, and within forty-five
S. 2277--A 9 A. 2394--A
1 days of December thirty-first with respect to the final report. Such
2 reports shall contain, but need not be limited to, the number of credits
3 and the average amount of such credits allowed; and of those, the number
4 of credits and the average amount of such credits allowed to qualified
5 taxpayers in each county; and of those, the number of credits and the
6 average amount of such credits allowed to qualified taxpayers whose
7 household gross income falls within each of the household gross income
8 ranges set forth in paragraph three of this subsection; and of those,
9 the number of credits and the average amount of such credits allowed to
10 qualified taxpayers whose credit amount falls within credit amount rang-
11 es set forth in twenty-five dollar increments.
12 S 2. Paragraph 3 of subsection (e) of section 606 of the tax law, as
13 amended by section one of this act, is amended to read as follows:
14 (3) Determination of credit. (A) For qualified taxpayers who have
15 attained the age of sixty-five years or a permanent and total disability
16 as defined in section twenty-two of the internal revenue code before the
17 beginning of or during the taxable year the amount of the credit allow-
18 able under this subsection shall be fifty percent, or in the case of a
19 qualified taxpayer who has elected to include an additional amount
20 pursuant to subparagraph (E) of paragraph one of this subsection, twen-
21 ty-five percent, of the excess of real property taxes or the excess of
22 real property tax equivalent determined as follows:
23 Excess real property taxes are
24 the excess of real property tax
25 equivalent or the excess of
26 If household gross qualifying real property taxes
27 income for the over the following percentage of
28 taxable year is: household gross income:
29 ___________________ _________________________________
30 $6,000 or less 3 1/2
31 Over $6,000 but not
32 over $10,000 4
33 Over $10,000 but not
34 over $14,000 4 1/2
35 Over $14,000 but not
36 over $18,000 5
37 Over $18,000 but not
38 over $22,000 5 1/2
39 Over $22,000 but not
40 over $28,000 6
41 Over $28,000 but not
42 over $36,000 6 1/2
43 Notwithstanding the foregoing provisions, the maximum credit deter-
44 mined under this subparagraph may not exceed the amount determined in
45 accordance with the following table:
46 If household gross The maximum
47 income for the credit is:
48 taxable year is:
49 ___________________ _________________________________
50 $2,000 or less [$463] $550
51 Over $2,000 but
52 not over $4,000 [$442] $525
53 Over $4,000 but
54 not over $6,000 [$421] $500
55 Over $6,000 but
S. 2277--A 10 A. 2394--A
1 not over $8,000 [$400] $475
2 Over $8,000 but
3 not over $10,000 [$379] $450
4 Over $10,000 but
5 not over $12,000 [$358] $425
6 Over $12,000 but
7 not over $14,000 [$337] $400
8 Over $14,000 but
9 not over $16,000 [$316] $375
10 Over $16,000 but
11 not over $18,000 [$295] $350
12 Over $18,000 but
13 not over $20,000 [$274] $325
14 Over $20,000 but
15 not over $22,000 [$253] $300
16 Over $22,000 but
17 not over $24,000 [$232] $275
18 Over $24,000 but
19 not over $26,000 [$211] $250
20 Over $26,000 but
21 not over $28,000 [$190] $225
22 Over $28,000 but
23 not over $30,000 [$169] $200
24 Over $30,000 but
25 not over $32,000 [$148] $175
26 Over $32,000 but
27 not over $34,000 [$127] $150
28 Over $34,000 but
29 not over $36,000 [$106] $125
30 (B) For all other qualified taxpayers the amount of the credit allow-
31 able under this subsection shall be fifty percent of excess real proper-
32 ty taxes or the excess of the real property tax equivalent determined as
33 follows:
34 Excess real property taxes are
35 the excess of real property tax
36 equivalent or the excess of
37 If household gross qualifying real property taxes
38 income for the over the following percentage of
39 taxable year is: household gross income:
40 ___________________ _________________________________
41 $6,000 or less 3 1/2
42 Over $6,000 but not
43 over $10,000 4
44 Over $10,000 but not
45 over $14,000 4 1/2
46 Over $14,000 but not
47 over $18,000 5
48 Over $18,000 but not
49 over $22,000 5 1/2
50 Over $22,000 but not
51 over $28,000 6
52 Over $28,000 but not
53 over $36,000 6 1/2
S. 2277--A 11 A. 2394--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 S 3. This act shall take effect immediately; provided, however, that
44 section two of this act shall take effect January 1, 2015.
