Bill Text: NY S02568 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to the term "income" for purposes of the school tax relief exemption.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2018-06-20 - RECOMMITTED TO RULES [S02568 Detail]
Download: New_York-2017-S02568-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2568 2017-2018 Regular Sessions IN SENATE January 13, 2017 ___________ Introduced by Sen. HELMING -- 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 the term "income" for purposes of the school tax relief exemption The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (ii) of paragraph (b) of subdivision 4 of 2 section 425 of the real property tax law, as amended by section 3 of 3 part E of chapter 83 of the laws of 2002, is amended to read as follows: 4 (ii) The term "income" as used herein shall mean the "adjusted gross 5 income" for federal income tax purposes as reported on the applicant's 6 federal or state income tax return for the applicable income tax year, 7 subject to any subsequent amendments or revisions, reduced by distrib- 8 utions, to the extent included in federal adjusted gross income, 9 received from an individual retirement account [and], an individual 10 retirement annuity, a distribution from an account established under 11 section 401(k) or 403(b) of the United States internal revenue code of 12 1986 as amended, or a simplified employee pension plan (SEP) established 13 pursuant to the United States internal revenue code of 1986 as amended; 14 provided that if no such return was filed for the applicable income tax 15 year, "income" shall mean the adjusted gross income that would have been 16 so reported if such a return had been filed. 17 § 2. This act shall take effect on the first of January next succeed- 18 ing the date on which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08229-01-7