Bill Text: NY S00707 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 707

Introduced

Bill Title: Relates to pension income and tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO AGING [S00707 Detail]

Download: New_York-2023-S00707-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                           707

                               2023-2024 Regular Sessions

                    IN SENATE

                                     January 6, 2023
                                       ___________

        Introduced  by  Sen.  CLEARE -- 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 pension income
          and tax abatement for  rent-controlled  and  rent  regulated  property
          occupied by senior citizens or persons with disabilities

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph c of subdivision 1 of section 467-b of  the  real
     2  property  tax  law,  as  amended  by chapter 500 of the laws of 2001, is
     3  amended to read as follows:
     4    c. "Income" means income from  all  sources  after  deduction  of  all
     5  income  and  social  security  taxes  and  includes  social security and
     6  retirement benefits, supplemental security income and  additional  state
     7  payments,  public  assistance  benefits, interest, dividends, net rental
     8  income, salary or earnings, and net  income  from  self-employment,  but
     9  shall  not  include  gifts or inheritances, payments made to individuals
    10  because of their status as victims of Nazi persecution,  as  defined  in
    11  P.L.  103-286,  or increases in benefits accorded pursuant to the social
    12  security act or a public or private pension paid to any  member  of  the
    13  household  [which  increase,  in  any  given  year,  does not exceed the
    14  consumer price index (all items United States city  average)]  for  such
    15  year  which  take  effect  after  the date of eligibility of head of the
    16  household receiving benefits hereunder whether received by the  head  of
    17  the household or any other member of the household;
    18    § 2. This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00986-01-3