Bill Text: NY A03402 | 2023-2024 | General Assembly | Introduced
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
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 thousand9twenty-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-17teen] 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. LBD05676-02-3A. 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 amount12determined pursuant to paragraph three is less than two hundred fifty13dollars, 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.