Bill Text: NY S00539 | 2023-2024 | General Assembly | Introduced
Bill Title: Increases allowable maximum income of certain persons otherwise eligible for tax abatement in the county of Nassau.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-03 - REFERRED TO AGING [S00539 Detail]
Download: New_York-2023-S00539-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 539 2023-2024 Regular Sessions IN SENATE January 4, 2023 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property tax law, in relation to increasing the allowable maximum income of certain persons otherwise eligible for tax abatement in certain cases 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 section 1 of part B of chap- 3 ter 686 and chapter 488 of the laws of 2022, is amended to read as 4 follows: 5 (a) if the income of the owner or the combined income of the owners of 6 the property for the income tax year immediately preceding the date of 7 making application for exemption exceeds the sum of three thousand 8 dollars, or such other sum not less than three thousand dollars nor more 9 than twenty-six thousand dollars beginning July first, two thousand six, 10 twenty-seven thousand dollars beginning July first, two thousand seven, 11 twenty-eight thousand dollars beginning July first, two thousand eight, 12 twenty-nine thousand dollars beginning July first, two thousand nine, 13 fifty thousand dollars beginning July first, two thousand twenty-two, 14 [and] in a city with a population of one million or more fifty thousand 15 dollars beginning July first, two thousand seventeen, and in a county 16 with a population of between one million and one million four hundred 17 thousand, as of the last decennial census fifty thousand dollars begin- 18 ning July first, two thousand twenty-three, as may be provided by the 19 local law, ordinance or resolution adopted pursuant to this section. 20 Where the taxable status date is on or before April fourteenth, income 21 tax year shall mean the twelve-month period for which the owner or 22 owners filed a federal personal income tax return for the year before 23 the income tax year immediately preceding the date of application and 24 where the taxable status date is on or after April fifteenth, income tax EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01972-01-3S. 539 2 1 year shall mean the twelve-month period for which the owner or owners 2 filed a federal personal income tax return for the income tax year imme- 3 diately preceding the date of application. Where title is vested in 4 either the husband or the wife, their combined income may not exceed 5 such sum, except where the husband or wife, or ex-husband or ex-wife is 6 absent from the property as provided in subparagraph (ii) of paragraph 7 (d) of this subdivision, then only the income of the spouse or ex-spouse 8 residing on the property shall be considered and may not exceed such 9 sum. Such income shall include social security and retirement benefits, 10 interest, dividends, total gain from the sale or exchange of a capital 11 asset which may be offset by a loss from the sale or exchange of a capi- 12 tal asset in the same income tax year, net rental income, salary or 13 earnings, and net income from self-employment, but shall not include a 14 return of capital, gifts, inheritances, payments made to individuals 15 because of their status as victims of Nazi persecution, as defined in 16 P.L. 103-286 or monies earned through employment in the federal foster 17 grandparent program and any such income shall be offset by all medical 18 and prescription drug expenses actually paid which were not reimbursed 19 or paid for by insurance, if the governing board of a municipality, 20 after a public hearing, adopts a local law, ordinance or resolution 21 providing therefor. In addition, an exchange of an annuity for an annui- 22 ty contract, which resulted in non-taxable gain, as determined in 23 section one thousand thirty-five of the internal revenue code, shall be 24 excluded from such income. Provided that such exclusion shall be based 25 on satisfactory proof that such an exchange was solely an exchange of an 26 annuity for an annuity contract that resulted in a non-taxable transfer 27 determined by such section of the internal revenue code. Furthermore, 28 such income shall not include the proceeds of a reverse mortgage, as 29 authorized by section six-h of the banking law, and sections two hundred 30 eighty and two hundred eighty-a of the real property law; provided, 31 however, that monies used to repay a reverse mortgage may not be 32 deducted from income, and provided additionally that any interest or 33 dividends realized from the investment of reverse mortgage proceeds 34 shall be considered income. The provisions of this paragraph notwith- 35 standing, such income shall not include veterans disability compen- 36 sation, as defined in Title 38 of the United States Code provided the 37 governing board of such municipality, after public hearing, adopts a 38 local law, ordinance or resolution providing therefor. In computing net 39 rental income and net income from self-employment no depreciation 40 deduction shall be allowed for the exhaustion, wear and tear of real or 41 personal property held for the production of income; 42 § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop- 43 erty tax law, as separately amended by section 2 of part B of chapter 44 686 and chapter 488 of the laws of 2022, is amended to read as follows: 45 (a) if the income of the owner or the combined income of the owners of 46 the property for the income tax year immediately preceding the date of 47 making application for exemption exceeds the sum of three thousand 48 dollars, or such other sum not less than three thousand dollars nor more 49 than twenty-six thousand dollars beginning July first, two thousand six, 50 twenty-seven thousand dollars beginning July first, two thousand seven, 51 twenty-eight thousand dollars beginning July first, two thousand eight, 52 twenty-nine thousand dollars beginning July first, two thousand nine, 53 and fifty thousand dollars beginning July first, two thousand twenty- 54 two, [and] in a city with a population of one million or more fifty 55 thousand dollars beginning July first, two thousand seventeen, and in a 56 county with a population of between one million and one million fourS. 539 3 1 hundred thousand as of the last decennial census fifty thousand dollars 2 beginning July first, two thousand twenty-three, as may be provided by 3 the local law or resolution adopted pursuant to this section. Income tax 4 year shall mean the twelve month period for which the owner or owners 5 filed a federal personal income tax return, or if no such return is 6 filed, the calendar year. Where title is vested in either the husband or 7 the wife, their combined income may not exceed such sum, except where 8 the husband or wife, or ex-husband or ex-wife is absent from the proper- 9 ty due to divorce, legal separation or abandonment, then only the income 10 of the spouse or ex-spouse residing on the property shall be considered 11 and may not exceed such sum. Such income shall include social security 12 and retirement benefits, interest, dividends, total gain from the sale 13 or exchange of a capital asset which may be offset by a loss from the 14 sale or exchange of a capital asset in the same income tax year, net 15 rental income, salary or earnings, and net income from self-employment, 16 but shall not include a return of capital, gifts, inheritances or monies 17 earned through employment in the federal foster grandparent program and 18 any such income shall be offset by all medical and prescription drug 19 expenses actually paid which were not reimbursed or paid for by insur- 20 ance, if the governing board of a municipality, after a public hearing, 21 adopts a local law or resolution providing therefor. In computing net 22 rental income and net income from self-employment no depreciation 23 deduction shall be allowed for the exhaustion, wear and tear of real or 24 personal property held for the production of income; 25 § 3. This act shall take effect immediately and shall apply to appli- 26 cations made for an exemption pursuant to this act for the county fiscal 27 year commencing in 2023 and all county fiscal years thereafter. Appli- 28 cations received for the county fiscal year commencing in 2023 shall be 29 considered timely if they are filed on or before the one hundred twenti- 30 eth day following the effective date of the local law implementing the 31 provisions of this act.
