Bill Text: NY A09798 | 2015-2016 | General Assembly | Introduced

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Bill Title: Allows for increases in the amount of income certain property owners may earn for purposes of qualification for certain tax exemptions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-04-08 - referred to real property taxation [A09798 Detail]

Download: New_York-2015-A09798-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9798
                   IN ASSEMBLY
                                      April 8, 2016
                                       ___________
        Introduced  by  M.  of  A.  GOTTFRIED  --  read once and referred to the
          Committee on Real Property Taxation
        AN ACT to amend the real property tax  law,  in  relation  to  allowable
          increases in property income for persons with disabilities and limited
          incomes for purposes of qualification for certain tax exemptions
          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 5 of section 459-c of the real
     2  property tax law, as separately amended by chapters 187 and 252  of  the
     3  laws of 2006, 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
     8  more than twenty-six thousand dollars beginning July first, two thousand
     9  six, twenty-seven thousand dollars beginning July  first,  two  thousand
    10  seven,  twenty-eight thousand dollars beginning July first, two thousand
    11  eight, and twenty-nine], fifty thousand dollars  beginning  July  first,
    12  two  thousand  [nine]  sixteen,  as  may be provided by the local law or
    13  resolution adopted pursuant to this section; provided,  however,  begin-
    14  ning  July  first, two thousand eighteen and every two years thereafter,
    15  the maximum allowable income shall increase by the product of the  aver-
    16  age  annual percentage changes in the consumer price index for all urban
    17  consumers (CPI-U) as published by the United States department of  labor
    18  bureau  of labor statistics for the two year period rounded to the near-
    19  est one thousand dollars.  Income tax year shall mean the  twelve  month
    20  period for which the owner or owners filed a federal personal income tax
    21  return, or if no such return is filed, the calendar year. Where title is
    22  vested  in either the husband or the wife, their combined income may not
    23  exceed such sum, except where the husband  or  wife,  or  ex-husband  or
    24  ex-wife  is absent from the property due to divorce, legal separation or
    25  abandonment, then only the income of the spouse or ex-spouse residing on
    26  the property shall be considered and  may  not  exceed  such  sum.  Such
    27  income  shall include social security and retirement benefits, interest,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08818-03-6