Bill Text: NY A03501 | 2011-2012 | General Assembly | Introduced
Bill Title: Includes pension and retirement plans as plans eligible for income reduction when determining income eligibility for senior citizens under the enhanced STAR exemption.
Spectrum: Strong Partisan Bill (Democrat 12-1)
Status: (Introduced - Dead) 2012-04-18 - held for consideration in real property taxation [A03501 Detail]
Download: New_York-2011-A03501-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 3501 2011-2012 Regular Sessions I N A S S E M B L Y January 25, 2011 ___________ Introduced by M. of A. GABRYSZAK, COLTON, CYMBROWITZ, HOOPER, SCHIMMING- ER -- Multi-Sponsored by -- M. of A. ABBATE, AUBRY, DESTITO, McDO- NOUGH, McENENY, ORTIZ, PHEFFER, TOWNS, WEISENBERG, WRIGHT -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to including pension and retirement plans as plans eligible for income reduction when determining eligibility for the enhanced STAR 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 3 of 3 part E of chapter 83 of the laws of 2002, 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 OR UP TO TWENTY PERCENT OR FIVE THOUSAND DOLLARS OF 11 ANY PENSION OR RETIREMENT PLAN, WHICHEVER IS GREATER; provided that if 12 no such return was filed for the applicable income tax year, "income" 13 shall mean the adjusted gross income that would have been so reported if 14 such a return had been filed. 15 S 2. This act shall take effect immediately and shall apply to assess- 16 ment rolls prepared on the basis of taxable status dates occurring on or 17 after such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07815-01-1