Bill Text: NY A09706 | 2017-2018 | General Assembly | Introduced

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Bill Title: Includes distributions to an employer sponsored retirement plan in the definition of "income" for determining eligibility in the school tax relief program (STAR).

Spectrum: Strong Partisan Bill (Republican 10-1)

Status: (Introduced - Dead) 2018-02-02 - referred to real property taxation [A09706 Detail]

Download: New_York-2017-A09706-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9706
                   IN ASSEMBLY
                                    February 2, 2018
                                       ___________
        Introduced  by  M.  of  A.  B. MILLER,  MORINELLO, CROUCH, RAIA, HAWLEY,
          NORRIS, ERRIGO, MONTESANO -- Multi-Sponsored by -- M. of A. CASTORINA,
          CURRAN, D. ROSENTHAL -- read once and referred  to  the  Committee  on
          Real Property Taxation
        AN  ACT  to  amend the real property tax law, in relation to an employer
          sponsored retirement plan
          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  and an employer sponsored retirement plan; provided
    11  that if no such return was filed for the  applicable  income  tax  year,
    12  "income"  shall  mean  the adjusted gross income that would have been so
    13  reported if such a return had been filed.
    14    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04666-01-7