Bill Text: NY S03370 | 2015-2016 | General Assembly | Amended

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Bill Title: Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-15 - PRINT NUMBER 3370A [S03370 Detail]

Download: New_York-2015-S03370-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         3370--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    February 5, 2015
                                       ___________
        Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging  --  recommitted  to
          the  Committee  on  Aging  in accordance with Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee
        AN  ACT  to amend the real property tax law, in relation to allowing for
          increases in the  amount  of  income  property  owners  may  earn  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 3 of section 467 of  the  real
     2  property  tax  law,  as  amended  by chapter 259 of the laws of 2009, 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,  and  twenty-nine],  fifty thousand dollars beginning July first,
    12  two thousand [nine] sixteen, as may be provided by the local law,  ordi-
    13  nance or resolution adopted pursuant to this section; provided, however,
    14  beginning  July  first, two thousand eighteen and every two years there-
    15  after, the maximum allowable income shall increase by the product of the
    16  average annual percentage changes in the consumer price  index  for  all
    17  urban  consumers (CPI-U) as published by the United States department of
    18  labor bureau of labor statistics for the two year period rounded to  the
    19  nearest  one  thousand  dollars.   Income tax year shall mean the twelve
    20  month period for which the owner or  owners  filed  a  federal  personal
    21  income  tax  return,  or  if no such return is filed, the calendar year.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01947-03-6