Bill Text: NY A10635 | 2015-2016 | General Assembly | Amended
Bill Title: Increases the amount of income certain property owners may earn for the purpose of eligibility for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2016-06-15 - REFERRED TO RULES [A10635 Detail]
Download: New_York-2015-A10635-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 10635--A IN ASSEMBLY June 9, 2016 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Abinanti) -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to increasing the amount of income property owners may earn for the purpose of eligibil- ity for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income 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 amended by chapter 259 of the laws of 2009, is 3 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 and twenty-nine thousand dollars beginning July first, two thousand 12 nine, as may be provided by the local law, ordinance or resolution 13 adopted pursuant to this section, provided that a town with a population 14 of not less than eighty-five thousand and not more than ninety-five 15 thousand located within a county of not less than nine hundred thirty 16 thousand and not more than one million two hundred thousand, determined 17 in accordance with the latest federal decennial census, and any village 18 or school district all or part of which is located within such town, may 19 adopt a local law, ordinance or resolution providing that such income 20 shall not exceed fifty thousand dollars, or such lesser amount as may be 21 provided by such local law, ordinance or resolution. Income tax year 22 shall mean the twelve month period for which the owner or owners filed a 23 federal personal income tax return, or if no such return is filed, the 24 calendar year. Where title is vested in either the husband or the wife, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15820-02-6A. 10635--A 2 1 their combined income may not exceed such sum, except where the husband 2 or wife, or ex-husband or ex-wife is absent from the property as 3 provided in subparagraph (ii) of paragraph (d) of this subdivision, then 4 only the income of the spouse or ex-spouse residing on the property 5 shall be considered and may not exceed such sum. Such income shall 6 include social security and retirement benefits, interest, dividends, 7 total gain from the sale or exchange of a capital asset which may be 8 offset by a loss from the sale or exchange of a capital asset in the 9 same income tax year, net rental income, salary or earnings, and net 10 income from self-employment, but shall not include a return of capital, 11 gifts, inheritances, payments made to individuals because of their 12 status as victims of Nazi persecution, as defined in P.L. 103-286 or 13 monies earned through employment in the federal foster grandparent 14 program and any such income shall be offset by all medical and 15 prescription drug expenses actually paid which were not reimbursed or 16 paid for by insurance, if the governing board of a municipality, after a 17 public hearing, adopts a local law, ordinance or resolution providing 18 therefor. Furthermore, such income shall not include the proceeds of a 19 reverse mortgage, as authorized by section six-h of the banking law, and 20 sections two hundred eighty and two hundred eighty-a of the real proper- 21 ty law; provided, however, that monies used to repay a reverse mortgage 22 may not be deducted from income, and provided additionally that any 23 interest or dividends realized from the investment of reverse mortgage 24 proceeds shall be considered income. The provisions of this paragraph 25 notwithstanding, such income shall not include veterans disability 26 compensation, as defined in Title 38 of the United States Code provided 27 the governing board of such municipality, after public hearing, adopts a 28 local law, ordinance or resolution providing therefor. In computing net 29 rental income and net income from self-employment no depreciation 30 deduction shall be allowed for the exhaustion, wear and tear of real or 31 personal property held for the production of income; 32 § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop- 33 erty tax law, as separately amended by chapters 187 and 252 of the laws 34 of 2006, is amended to read as follows: 35 (a) if the income of the owner or the combined income of the owners of 36 the property for the income tax year immediately preceding the date of 37 making application for exemption exceeds the sum of three thousand 38 dollars, or such other sum not less than three thousand dollars nor more 39 than twenty-six thousand dollars beginning July first, two thousand six, 40 twenty-seven thousand dollars beginning July first, two thousand seven, 41 twenty-eight thousand dollars beginning July first, two thousand eight, 42 and twenty-nine thousand dollars beginning July first, two thousand 43 nine, as may be provided by the local law or resolution adopted pursuant 44 to this section, provided that a town with a population of not less than 45 eighty-five thousand and not more than ninety-five thousand located 46 within a county of not less than nine hundred thirty thousand and not 47 more than one million two hundred thousand, determined in accordance 48 with the latest federal decennial census, and any village or school 49 district all or part of which is located within such town, may adopt a 50 local law, ordinance or resolution providing that such income shall not 51 exceed fifty thousand dollars, or such lesser amount as may be provided 52 by such local law, ordinance or resolution. Income tax year shall mean 53 the twelve month period for which the owner or owners filed a federal 54 personal income tax return, or if no such return is filed, the calendar 55 year. Where title is vested in either the husband or the wife, their 56 combined income may not exceed such sum, except where the husband orA. 10635--A 3 1 wife, or ex-husband or ex-wife is absent from the property due to 2 divorce, legal separation or abandonment, then only the income of the 3 spouse or ex-spouse residing on the property shall be considered and may 4 not exceed such sum. Such income shall include social security and 5 retirement benefits, interest, dividends, total gain from the sale or 6 exchange of a capital asset which may be offset by a loss from the sale 7 or exchange of a capital asset in the same income tax year, net rental 8 income, salary or earnings, and net income from self-employment, but 9 shall not include a return of capital, gifts, inheritances or monies 10 earned through employment in the federal foster grandparent program and 11 any such income shall be offset by all medical and prescription drug 12 expenses actually paid which were not reimbursed or paid for by insur- 13 ance, if the governing board of a municipality, after a public hearing, 14 adopts a local law or resolution providing therefor. In computing net 15 rental income and net income from self-employment no depreciation 16 deduction shall be allowed for the exhaustion, wear and tear of real or 17 personal property held for the production of income; 18 § 3. This act shall take effect immediately.
