Bill Text: NY S01489 | 2019-2020 | 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) 2020-01-21 - RECOMMIT, ENACTING CLAUSE STRICKEN [S01489 Detail]

Download: New_York-2019-S01489-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1489
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 15, 2019
                                       ___________
        Introduced  by Sens. HOYLMAN, SEPULVEDA -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Local Govern-
          ment
        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 amended by chapter 131 of  the  laws  of  2017,  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
     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, twenty-nine] fifty thousand dollars  beginning  July  first,  two
    12  thousand  [nine] nineteen and in a city with a population of one million
    13  or more fifty thousand dollars beginning July first, two thousand seven-
    14  teen, as may be provided by the local law or resolution adopted pursuant
    15  to this section ; provided, however, beginning July first, two  thousand
    16  twenty-one  and every two years thereafter, the maximum allowable income
    17  shall increase by the product of the average annual  percentage  changes
    18  in the consumer price index for all urban consumers (CPI-U) as published
    19  by  the United States department of labor bureau of labor statistics for
    20  the two year period rounded to the nearest one thousand dollars.  Income
    21  tax year shall mean the twelve month  period  for  which  the  owner  or
    22  owners  filed a federal personal income tax return, or if no such return
    23  is filed, the calendar year. Where title is vested in either the husband
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07385-01-9
        S. 1489                             2
     1  or the wife, their combined income may not exceed such sum, except where
     2  the husband or wife, or ex-husband or ex-wife is absent from the proper-
     3  ty due to divorce, legal separation or abandonment, then only the income
     4  of  the spouse or ex-spouse residing on the property shall be considered
     5  and may not exceed such sum. Such income shall include  social  security
     6  and  retirement  benefits, interest, dividends, total gain from the sale
     7  or exchange of a capital asset which may be offset by a  loss  from  the
     8  sale  or  exchange  of  a capital asset in the same income tax year, net
     9  rental income, salary or earnings, and net income from  self-employment,
    10  but shall not include a return of capital, gifts, inheritances or monies
    11  earned  through employment in the federal foster grandparent program and
    12  any such income shall be offset by all  medical  and  prescription  drug
    13  expenses  actually  paid which were not reimbursed or paid for by insur-
    14  ance, if the governing board of a municipality, after a public  hearing,
    15  adopts  a  local  law or resolution providing therefor. In computing net
    16  rental income  and  net  income  from  self-employment  no  depreciation
    17  deduction  shall be allowed for the exhaustion, wear and tear of real or
    18  personal property held for the production of income;
    19    § 2. This act shall take effect immediately.