Bill Text: NY A04806 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to establishing the working families property tax relief act, providing a tax cap to individuals whose combined household income is less than one hundred thousand dollars for residential properties which are owner occupied.

Spectrum: Moderate Partisan Bill (Republican 14-4)

Status: (Introduced - Dead) 2012-04-18 - held for consideration in real property taxation [A04806 Detail]

Download: New_York-2011-A04806-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4806
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 8, 2011
                                      ___________
       Introduced  by M. of A. KOLB, COOK, FINCH, THIELE, GIGLIO -- Multi-Spon-
         sored by --  M.  of  A.    BARCLAY,  CONTE,  CORWIN,  HAWLEY,  JORDAN,
         P. LOPEZ,  McDONOUGH, McKEVITT, MOLINARO, RAIA, SALADINO, TOWNS, WEIS-
         ENBERG -- read once and referred to the  Committee  on  Real  Property
         Taxation
       AN  ACT  to amend the real property tax law and the tax law, in relation
         to establishing the working families property tax relief act
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  This  act shall be known and may be cited as the "working
    2  families property tax relief act."
    3    S 2. The real property tax law is amended  by  adding  a  new  section
    4  459-d to read as follows:
    5    S 459-D. WORKING FAMILIES PROPERTY TAX RELIEF. 1.  REAL PROPERTY OWNED
    6  BY  ONE  OR  MORE  PERSONS  SHALL  BE SUBJECT TO A REAL PROPERTY TAX CAP
    7  PROVIDED THE GOVERNING BOARD OF ANY MUNICIPAL CORPORATION IN  WHICH  THE
    8  REAL  PROPERTY  IS  LOCATED, AFTER A PUBLIC HEARING, ADOPTS A LOCAL LAW,
    9  ORDINANCE OR RESOLUTION PROVIDING THAT  REAL  PROPERTY  TAXES  FOR  SUCH
   10  PROPERTY BE CAPPED AT SIX PERCENT OF THE HOUSEHOLD INCOME.
   11    2. PROPERTY SHALL BE ELIGIBLE FOR A TAX CAP IF:
   12    (A)  THE  COMBINED  INCOME  OF  THE  HOUSEHOLD OF THE PROPERTY FOR THE
   13  INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF  APPLICATION  FOR  THE
   14  CAP  DOES  NOT  EXCEED  THE  SUM OF ONE HUNDRED THOUSAND DOLLARS. INCOME
   15  SHALL MEAN THE AGGREGATE ADJUSTED GROSS INCOME OF  ALL  MEMBERS  OF  THE
   16  HOUSEHOLD FOR THE TAXABLE YEAR AS FILED, OR AS WOULD HAVE BEEN FILED, ON
   17  THEIR FEDERAL PERSONAL INCOME TAX RETURN;
   18    (B)  THE  REAL  PROPERTY  IS THE LEGAL RESIDENCE OF AND IS OCCUPIED IN
   19  WHOLE OR IN PART BY THE OWNER OR ALL OWNERS OF THE PROPERTY;
   20    (C) THE REAL PROPERTY IS USED EXCLUSIVELY  FOR  RESIDENTIAL  PURPOSES,
   21  PROVIDED, HOWEVER, THAT IN THE EVENT ANY PORTION OF SUCH PROPERTY IS NOT
   22  SO  USED  EXCLUSIVELY  FOR  RESIDENTIAL  PURPOSES  BUT IS USED FOR OTHER
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05337-02-1
       A. 4806                             2
    1  PURPOSES, SUCH PORTION SHALL BE SUBJECT TO TAXATION  AND  THE  REMAINING
    2  PORTION ONLY SHALL BE ENTITLED TO A CAP PROVIDED IN THIS SECTION.
    3    3.  EACH  GOVERNING BOARD OF ANY MUNICIPAL CORPORATION THAT SHALL HAVE
    4  ADOPTED A TAX CAP PURSUANT TO THIS SECTION SHALL NOTIFY, OR CAUSE TO  BE
    5  NOTIFIED, EACH PERSON OWNING RESIDENTIAL REAL PROPERTY IN SUCH MUNICIPAL
    6  CORPORATION  OF  THE  PROVISIONS OF THIS SECTION. THE PROVISIONS OF THIS
    7  SUBDIVISION MAY BE MET BY A NOTICE OR LEGEND SENT ON OR  WITH  EACH  TAX
    8  BILL  TO SUCH PERSONS READING "YOU MAY BE ELIGIBLE FOR THE WORKING FAMI-
    9  LIES PROPERTY TAX CAP." FAILURE TO NOTIFY, OR CAUSE TO BE  NOTIFIED  ANY
   10  PERSON  WHO  IS  IN FACT, ELIGIBLE TO RECEIVE THE SAME SHALL NOT PREVENT
   11  THE LEVY, COLLECTION AND ENFORCEMENT OF THE  PAYMENT  OF  THE  TAXES  ON
   12  PROPERTY OWNED BY SUCH PERSON.
   13    4.  APPLICATION  FOR SUCH CAP MUST BE MADE BY THE OWNER, OR ALL OF THE
   14  OWNERS OF THE PROPERTY, ON FORMS PRESCRIBED BY THE  COMMISSIONER  TO  BE
   15  FURNISHED  BY  THE APPROPRIATE ASSESSING AUTHORITY AND SHALL FURNISH THE
   16  INFORMATION AND BE EXECUTED IN THE MANNER REQUIRED OR PRESCRIBED IN SUCH
   17  FORMS, AND SHALL BE FILED IN SUCH ASSESSOR'S OFFICE  ON  OR  BEFORE  THE
   18  DATE OF THE APPROPRIATE TAXABLE STATUS DATE.
   19    5.  THE STATE SHALL HOLD HARMLESS ANY MUNICIPAL CORPORATION OR SPECIAL
   20  DISTRICT FOR THE LOSS OF REVENUE RESULTING FROM THE TAX CAP PROVIDED FOR
   21  BY THIS SECTION.
   22    6. AT LEAST SIXTY DAYS PRIOR TO THE APPROPRIATE TAXABLE  STATUS  DATE,
   23  THE  ASSESSING AUTHORITY SHALL MAIL TO EACH PERSON WHO WAS GRANTED A CAP
   24  PURSUANT TO THIS SECTION ON THE  LATEST  COMPLETED  ASSESSMENT  ROLL  AN
   25  APPLICATION  FORM AND A NOTICE THAT SUCH APPLICATION MUST BE FILED ON OR
   26  BEFORE THE TAXABLE STATUS DATE AND BE APPROVED IN ORDER FOR THE  CAP  TO
   27  BE  GRANTED.  THE  ASSESSING  AUTHORITY  SHALL, WITHIN THREE DAYS OF THE
   28  COMPLETION AND FILING OF THE TENTATIVE ASSESSMENT ROLL, NOTIFY  BY  MAIL
   29  ANY  APPLICANT  WHO  HAS  INCLUDED  WITH  HIS  APPLICATION  AT LEAST ONE
   30  SELF-ADDRESSED, PREPAID ENVELOPE, OF  THE  APPROVAL  OR  DENIAL  OF  THE
   31  APPLICATION; PROVIDED, HOWEVER, THAT THE ASSESSING AUTHORITY SHALL, UPON
   32  THE RECEIPT  AND FILING OF THE APPLICATION, SEND BY MAIL NOTIFICATION OF
   33  RECEIPT TO ANY APPLICANT WHO HAS INCLUDED TWO OF SUCH ENVELOPES WITH THE
   34  APPLICATION. WHERE AN APPLICANT IS ENTITLED TO A NOTICE OF DENIAL PURSU-
   35  ANT  TO  THIS  SUBDIVISION, SUCH NOTICE SHALL BE ON A FORM PRESCRIBED BY
   36  THE COMMISSIONER AND SHALL STATE THE REASONS FOR SUCH DENIAL  AND  SHALL
   37  FURTHER STATE THAT THE APPLICANT MAY HAVE SUCH DETERMINATION REVIEWED IN
   38  THE MANNER PROVIDED BY LAW.
   39    S  3. Section 601 of the tax law is amended by adding a new subsection
   40  (c-1) to read as follows:
   41    (C-1) CAPITAL GAIN FROM THE SALE OF CERTAIN OWNER OCCUPIED RESIDENTIAL
   42  REAL PROPERTY.  NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (A), (B) OR
   43  (C) OF THIS SECTION, THERE IS HEREBY IMPOSED, FOR EACH TAXABLE  YEAR,  A
   44  TAX  AT THE RATE OF FIVE AND FOUR-TENTHS PERCENT, ON THAT PORTION OF THE
   45  NEW YORK TAXABLE INCOME OF ANY RESIDENT  INDIVIDUAL  WHICH  ARE  CAPITAL
   46  GAINS IN EXCESS OF FIFTY THOUSAND DOLLARS DERIVED FROM THE SALE OF RESI-
   47  DENTIAL  REAL  PROPERTY  OWNED  AND OCCUPIED BY SUCH INDIVIDUAL FOR LESS
   48  THAN THREE YEARS.  SUCH CAPITAL GAINS ON THE SALE OF REAL PROPERTY SHALL
   49  BE CALCULATED IN THE SAME MANNER AS PROVIDED  THEREFOR  IN  THE  FEDERAL
   50  INTERNAL REVENUE CODE.
   51    S  4.  This  act  shall take effect immediately and shall be deemed to
   52  have been in full force and effect on and after the first of January  of
   53  the year in which it shall have become a law.