S T A T E O F N E W Y O R K
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2039
2011-2012 Regular Sessions
I N S E N A T E
January 18, 2011
___________
Introduced by Sen. KRUGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to amend the private housing finance law, in relation to the
definition of income
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 29 of section 2 of the private housing finance
2 law, as amended by chapter 280 of the laws of 1987, is amended to read
3 as follows:
4 29. "Annual income" or "income". The total income as reported in the
5 New York state income tax return, less such personal exemptions and
6 deductions for medical expenses as are actually taken by the taxpayer
7 AND LESS SOCIAL SECURITY AND RETIREMENT BENEFITS RECEIVED AND INCLUDED
8 IN TAXABLE INCOME BUT NOT IN EXCESS OF TWENTY THOUSAND DOLLARS.
9 Provided, however, that federal old age, survivors, and disability
10 insurance benefits shall not be deemed income in articles two, four and
11 eleven of this chapter. This definition shall be employed in articles
12 two, four, eight and eleven of this chapter in the computation of "prob-
13 able aggregate annual income" as therein defined.
14 S 2. This act shall take effect on the thirtieth day after it shall
15 have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07152-01-1