Bill Text: NY A08850 | 2019-2020 | General Assembly | Introduced

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Bill Title: Provides that where the taxable status date is on or before April fourteenth, income tax year shall mean the twelve month period for which the owner or owners filed a federal personal income tax return for the year before the income tax year immediately preceding the date of application and where the taxable status date is on or after April fifteenth income tax year shall mean the twelve month period for which owner or owners filed a federal personal income tax return for the income tax year immediately preceding the date of application.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-07-21 - REFERRED TO RULES [A08850 Detail]

Download: New_York-2019-A08850-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8850

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                    December 18, 2019
                                       ___________

        Introduced by M. of A. McDONALD -- read once and referred to the Commit-
          tee on Real Property Taxation

        AN  ACT  to  amend the real property tax law, in relation to the taxable
          status date

          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, as may be provided
    14  by  the  local  law,  ordinance  or  resolution adopted pursuant to this
    15  section. [Income tax year shall mean the twelve month period  for  which
    16  the owner or owners filed a federal personal income tax return, or if no
    17  such  return is filed, the calendar year.] Where the taxable status date
    18  is on or before April fourteenth, income tax year shall mean the twelve-
    19  month period for which the owner or  owners  filed  a  federal  personal
    20  income  tax  return  for the year before the income tax year immediately
    21  preceding the date of application and where the taxable status  date  is
    22  on or after April fifteenth, income tax year shall mean the twelve-month
    23  period for which the owner or owners filed a federal personal income tax
    24  return  for the income tax year immediately preceding the date of appli-
    25  cation. Where title is vested in either the husband or the  wife,  their

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14123-01-9
        A. 8850                             2

     1  combined  income  may  not  exceed such sum, except where the husband or
     2  wife, or ex-husband or ex-wife is absent from the property  as  provided
     3  in subparagraph (ii) of paragraph (d) of this subdivision, then only the
     4  income  of  the  spouse  or  ex-spouse residing on the property shall be
     5  considered and may not exceed such sum. Such income shall include social
     6  security and retirement benefits, interest, dividends, total  gain  from
     7  the  sale  or  exchange of a capital asset which may be offset by a loss
     8  from the sale or exchange of a capital asset  in  the  same  income  tax
     9  year,  net  rental income, salary or earnings, and net income from self-
    10  employment, but shall not include a return of  capital,  gifts,  inheri-
    11  tances,  payments made to individuals because of their status as victims
    12  of Nazi persecution, as defined in P.L. 103-286 or monies earned through
    13  employment in the federal foster grandparent program and any such income
    14  shall be offset by all medical and prescription drug  expenses  actually
    15  paid  which were not reimbursed or paid for by insurance, if the govern-
    16  ing board of a municipality, after a public hearing, adopts a local law,
    17  ordinance or resolution providing therefor. In addition, an exchange  of
    18  an  annuity for an annuity contract, which resulted in non-taxable gain,
    19  as determined in section one thousand thirty-five of the internal reven-
    20  ue code, shall be excluded from such income. Provided that  such  exclu-
    21  sion  shall  be  based  on  satisfactory proof that such an exchange was
    22  solely an exchange of an annuity for an annuity contract  that  resulted
    23  in  a  non-taxable  transfer  determined by such section of the internal
    24  revenue code. Furthermore, such income shall not include the proceeds of
    25  a reverse mortgage, as authorized by section six-h of the  banking  law,
    26  and  sections  two  hundred  eighty and two hundred eighty-a of the real
    27  property law; provided, however, that monies used  to  repay  a  reverse
    28  mortgage may not be deducted from income, and provided additionally that
    29  any  interest or dividends realized from the investment of reverse mort-
    30  gage proceeds shall be considered income. The provisions of  this  para-
    31  graph 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.