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
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