Bill Text: NY A03402 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the excess real property tax credit for certain qualified taxpayers.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A03402 Detail]

Download: New_York-2023-A03402-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3402

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 3, 2023
                                       ___________

        Introduced  by  M.  of  A.  THIELE, SILLITTI, BURDICK, STERN, ZEBROWSKI,
          OTIS, LUNSFORD -- read once and referred to the Committee on Ways  and
          Means

        AN  ACT to amend the tax law, in relation to improving the real property
          tax relief credit

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

     1    Section 1. Subparagraph (E) of paragraph 1, paragraph 2, subparagraphs
     2  (A),  (B)  and  (C)  of paragraph 3, paragraph 4 and subparagraph (A) of
     3  paragraph 6 of subsection (e-2) of section 606 of the tax law, as  added
     4  by  section 1 of part III of chapter 59 of the laws of 2021, are amended
     5  to read as follows:
     6    (E) "Excess real property tax" means the  excess  of  qualifying  real
     7  property taxes over [six] five percent of qualified gross income.
     8    (2)  For  tax years beginning on or after [January first, two thousand
     9  twenty-one and before] January first, two thousand twenty-four, a quali-
    10  fied taxpayer shall be allowed a credit as provided in  paragraph  three
    11  of  this  subsection  against  the taxes imposed by this article. If the
    12  credit exceeds the tax for such year  under  this  article,  the  excess
    13  shall  be treated as an overpayment, to be credited or refunded, without
    14  interest.
    15    (A) For qualified taxpayers whose qualified gross income  is  seventy-
    16  five thousand dollars or less, the applicable percentage shall be [four-
    17  teen] twenty percent.
    18    (B)  For  qualified  taxpayers whose qualified gross income is greater
    19  than seventy-five thousand dollars but less than or equal to one hundred
    20  fifty thousand dollars, the applicable percentage shall be  the  differ-
    21  ence  between (i) [fourteen] twenty percent and (ii) five percent multi-
    22  plied by a fraction, the numerator of which is  the  difference  between
    23  the  qualified  taxpayer's  qualified  gross  income  as defined by this

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05676-02-3
        A. 3402                             2

     1  subsection and seventy-five thousand dollars,  and  the  denominator  of
     2  which is seventy-five thousand dollars.
     3    (C)  For  qualified  taxpayers whose qualified gross income is greater
     4  than one hundred fifty thousand dollars but less than or equal to  [two]
     5  three hundred fifty thousand dollars, the applicable percentage shall be
     6  the  difference  between (i) [nine] fifteen percent and (ii) six percent
     7  multiplied by a fraction, the  numerator  of  which  is  the  difference
     8  between  the qualified taxpayer's qualified gross income and one hundred
     9  fifty thousand dollars, and  the  denominator  of  which  is  [one]  two
    10  hundred thousand dollars.
    11    (4)  [No  credit  shall be allowed under this subsection if the amount
    12  determined pursuant to paragraph three is less than  two  hundred  fifty
    13  dollars,  provided further that if] If the amount determined pursuant to
    14  paragraph three is in excess of [three] fifteen hundred [fifty]  dollars
    15  the  taxpayer  shall  be  allowed  a  credit  of [three] fifteen hundred
    16  [fifty] dollars.
    17    (A) To a property owner if qualified gross income for the taxable year
    18  exceeds [two] three hundred fifty thousand dollars.
    19    § 2. This act shall take effect immediately and shall apply to taxable
    20  years beginning on or after January 1, 2024.