Bill Text: NY S00571 | 2017-2018 | 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 2-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO LOCAL GOVERNMENT [S00571 Detail]

Download: New_York-2017-S00571-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           571
                               2017-2018 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 4, 2017
                                       ___________
        Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
        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]  seventeen, 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 nineteen 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02693-01-7
        S. 571                              2
     1  ex-wife  is absent from the property due to divorce, legal separation or
     2  abandonment, then only the income of the spouse or ex-spouse residing on
     3  the property shall be considered and  may  not  exceed  such  sum.  Such
     4  income  shall include social security and retirement benefits, interest,
     5  dividends, total gain from the sale or exchange of a capital asset which
     6  may be offset by a loss from the sale or exchange of a capital asset  in
     7  the same income tax year, net rental income, salary or earnings, and net
     8  income  from self-employment, but shall not include a return of capital,
     9  gifts, inheritances or monies earned through employment in  the  federal
    10  foster  grandparent  program  and any such income shall be offset by all
    11  medical and prescription drug expenses  actually  paid  which  were  not
    12  reimbursed or paid for by insurance, if the governing board of a munici-
    13  pality, after a public hearing, adopts a local law or resolution provid-
    14  ing  therefor.  In computing net rental income and net income from self-
    15  employment  no  depreciation  deduction  shall  be   allowed   for   the
    16  exhaustion,  wear  and  tear  of  real or personal property held for the
    17  production of income;
    18    § 2. This act shall take effect immediately.