Bill Text: NY A09798 | 2015-2016 | General Assembly | Introduced
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
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 [nor8more than twenty-six thousand dollars beginning July first, two thousand9six, twenty-seven thousand dollars beginning July first, two thousand10seven, twenty-eight thousand dollars beginning July first, two thousand11eight, 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