Bill Text: NY A06324 | 2021-2022 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to municipal corporations within counties having a population of between three hundred thirty-five thousand and three hundred forty thousand, or with a population of one million or more, according to the last decennial census.

Spectrum: Moderate Partisan Bill (Democrat 13-4)

Status: (Introduced - Dead) 2022-03-16 - print number 6324a [A06324 Detail]

Download: New_York-2021-A06324-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6324

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     March 12, 2021
                                       ___________

        Introduced  by  M.  of  A. GALEF, PAULIN, ABINANTI, LAVINE, ENGLEBRIGHT,
          JEAN-PIERRE, MONTESANO -- Multi-Sponsored by -- M.  of  A.  THIELE  --
          read once and referred to the Committee on Aging

        AN  ACT  to  amend  the  real property tax law, in relation to municipal
          corporations within counties having  a  population  of  between  three
          hundred  ten  thousand  and three hundred thirteen thousand, or with a
          population of nine hundred forty-five thousand or more

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

     1    Section  1.  Paragraph (a) of subdivision 3 of section 467 of the real
     2  property tax law, as separately amended by chapters 131 and 279  of  the
     3  laws of 2017, is amended to read as follows:
     4    (a) if the income of the owner or the combined income of the owners of
     5  the  property  for the income tax year immediately preceding the date of
     6  making application for exemption  exceeds  the  sum  of  three  thousand
     7  dollars, or such other sum not less than three thousand dollars nor more
     8  than twenty-six thousand dollars beginning July first, two thousand six,
     9  twenty-seven  thousand dollars beginning July first, two thousand seven,
    10  twenty-eight thousand dollars beginning July first, two thousand  eight,
    11  twenty-nine  thousand  dollars  beginning July first, two thousand nine,
    12  [and] in a city with a population of one million or more fifty  thousand
    13  dollars beginning July first, two thousand seventeen, and in a municipal
    14  corporation  within a county with a population between three hundred ten
    15  thousand and three hundred thirteen thousand, or with  a  population  of
    16  nine hundred forty-five thousand or more, according to the last decenni-
    17  al  census,  fifty  thousand  dollars beginning July first, two thousand
    18  twenty-one, as may be provided by the local law, ordinance or resolution
    19  adopted pursuant to this section. Income tax year shall mean the  twelve
    20  month  period  for  which  the  owner or owners filed a federal personal
    21  income tax return, or if no such return is  filed,  the  calendar  year.
    22  Where  title is vested in either the husband or the wife, their combined

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10378-01-1
        A. 6324                             2

     1  income may not exceed such sum, except where the  husband  or  wife,  or
     2  ex-husband or ex-wife is absent from the property as provided in subpar-
     3  agraph  (ii)  of paragraph (d) of this subdivision, then only the income
     4  of  the spouse or ex-spouse residing on the property shall be considered
     5  and may not exceed such sum. Such income shall include  social  security
     6  and  retirement  benefits, interest, dividends, total gain from the sale
     7  or exchange of a capital asset which may be offset by a  loss  from  the
     8  sale  or  exchange  of  a capital asset in the same income tax year, net
     9  rental income, salary or earnings, and net income from  self-employment,
    10  but shall not include a return of capital, gifts, inheritances, payments
    11  made  to  individuals  because of their status as victims of Nazi perse-
    12  cution, as defined in P.L. 103-286 or monies earned  through  employment
    13  in  the  federal foster grandparent program and any such income shall be
    14  offset by all medical and prescription drug expenses actually paid which
    15  were not reimbursed or paid for by insurance, if the governing board  of
    16  a municipality, after a public hearing, adopts a local law, ordinance or
    17  resolution  providing  therefor.  In addition, an exchange of an annuity
    18  for an annuity contract, which resulted in non-taxable gain,  as  deter-
    19  mined  in section one thousand thirty-five of the internal revenue code,
    20  shall be excluded from such income. Provided that such  exclusion  shall
    21  be  based  on  satisfactory  proof  that  such an exchange was solely an
    22  exchange of an annuity for an annuity contract that resulted in  a  non-
    23  taxable  transfer  determined  by  such  section of the internal revenue
    24  code. Furthermore, such income shall  not  include  the  proceeds  of  a
    25  reverse mortgage, as authorized by section six-h of the banking law, and
    26  sections two hundred eighty and two hundred eighty-a of the real proper-
    27  ty  law; provided, however, that monies used to repay a reverse mortgage
    28  may not be deducted from income,  and  provided  additionally  that  any
    29  interest  or  dividends realized from the investment of reverse mortgage
    30  proceeds shall be considered income. The provisions  of  this  paragraph
    31  notwithstanding,  such  income  shall  not  include  veterans disability
    32  compensation, as defined in Title 38 of the United States Code  provided
    33  the governing board of such municipality, after public hearing, adopts a
    34  local  law, ordinance or resolution providing therefor. In computing net
    35  rental income  and  net  income  from  self-employment  no  depreciation
    36  deduction  shall be allowed for the exhaustion, wear and tear of real or
    37  personal property held for the production of income;
    38    § 2. This act shall take effect immediately.