Bill Text: NY S04165 | 2009-2010 | General Assembly | Introduced

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Bill Title: Establishes a personal income tax credit for a portion of a taxpayer's residential real property taxes which exceeds a certain percentage of the taxpayer's household gross income; provides that the taxpayer shall have resided in such residential real property for not less than 10 years; provides that such credit shall not apply to taxpayers whose household gross income exceeds $250,000 or who have received the school tax relief exemption on such real property.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04165 Detail]

Download: New_York-2009-S04165-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4165
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    April 15, 2009
                                      ___________
       Introduced  by  Sens.  MONTGOMERY,  THOMPSON  --  read twice and ordered
         printed, and when printed to be committed to the Committee on Investi-
         gations and Government Operations
       AN ACT to amend the tax law, in relation  to  establishing  the  maximum
         residential real property, personal income tax credit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
    2  subsection (qq) to read as follows:
    3    (QQ)  MAXIMUM  RESIDENTIAL  REAL PROPERTY TAX CREDIT. (1) DEFINITIONS.
    4  FOR THE PURPOSES OF THIS SUBSECTION:
    5    (A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE  WHO
    6  OWNS  THE  RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES, AND HAS
    7  RESIDED IN SUCH RESIDENTIAL REAL PROPERTY FOR NOT LESS THAN TEN YEARS.
    8    (B) "HOUSEHOLD" MEANS THE TAXPAYER OR TAXPAYERS AND ALL OTHER PERSONS,
    9  NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY
   10  OWNED BY THE TAXPAYER OR TAXPAYERS, AND SHARE ITS  FURNISHINGS,  FACILI-
   11  TIES AND ACCOMMODATIONS; PROVIDED THAT NO PERSON MAY BE A MEMBER OF MORE
   12  THAN ONE HOUSEHOLD AT ONE TIME.
   13    (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
   14  OF ALL MEMBERS OF THE HOUSEHOLD FOR THE TAXABLE YEAR; PROVIDED THAT SUCH
   15  TERM  SHALL  ONLY INCLUDE ALL SUCH INCOME RECEIVED BY ALL MEMBERS OF THE
   16  HOUSEHOLD WHILE MEMBERS OF SUCH HOUSEHOLD.
   17    (D) "NET REAL PROPERTY TAX" MEANS THE REAL PROPERTY TAXES ASSESSED  ON
   18  THE  RESIDENTIAL  REAL  PROPERTY  OWNED  AND OCCUPIED BY THE TAXPAYER OR
   19  TAXPAYERS AFTER ANY EXEMPTION OR ABATEMENT RECEIVED PURSUANT TO THE REAL
   20  PROPERTY TAX LAW.
   21    (2) CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
   22  TAXES IMPOSED BY THIS ARTICLE, EQUAL TO SEVENTY PERCENT  OF  THE  AMOUNT
   23  WHICH  THE TAXPAYER'S NET REAL PROPERTY TAX EXCEEDS THE TAXPAYER'S MAXI-
   24  MUM REAL  PROPERTY  TAX,  AS  DETERMINED  BY  PARAGRAPH  THREE  OF  THIS
   25  SUBSECTION.  IF  SUCH  CREDIT  EXCEEDS THE TAX FOR SUCH TAXABLE YEAR, AS
   26  REDUCED BY THE OTHER CREDITS PERMITTED BY THIS  ARTICLE,  THE  QUALIFIED
   27  TAXPAYER  MAY  RECEIVE, AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00031-01-9
       S. 4165                             2
    1  THE DEPARTMENT, SHALL PAY  AS  AN  OVERPAYMENT,  WITHOUT  INTEREST,  ANY
    2  EXCESS BETWEEN SUCH TAX AS SO REDUCED AND THE AMOUNT OF THE CREDIT. IF A
    3  QUALIFIED  TAXPAYER IS NOT REQUIRED TO FILE A RETURN PURSUANT TO SECTION
    4  SIX  HUNDRED  FIFTY-ONE OF THIS ARTICLE, A QUALIFIED TAXPAYER MAY NEVER-
    5  THELESS RECEIVE AND THE COMPTROLLER, SUBJECT TO  A  CERTIFICATE  OF  THE
    6  DEPARTMENT,  SHALL  PAY AS AN OVERPAYMENT THE FULL AMOUNT OF THE CREDIT,
    7  WITHOUT INTEREST.
    8    (3) MAXIMUM REAL PROPERTY TAX. A  QUALIFIED  TAXPAYER'S  MAXIMUM  REAL
    9  PROPERTY TAX SHALL BE DETERMINED AS FOLLOWS:
   10         HOUSEHOLD GROSS INCOME                   MAXIMUM REAL PROPERTY TAX
   11         LESS THAN TWENTY-FIVE                    FOUR PERCENT OF THE
   12         THOUSAND DOLLARS                         HOUSEHOLD GROSS INCOME
   13         MORE THAN TWENTY-FIVE                    FIVE PERCENT OF THE
   14         THOUSAND DOLLARS, BUT                    HOUSEHOLD GROSS INCOME
   15         LESS THAN OR EQUAL TO
   16         FIFTY THOUSAND DOLLARS
   17         MORE THAN FIFTY THOUSAND                 SIX PERCENT OF THE
   18         DOLLARS, BUT LESS THAN OR                HOUSEHOLD GROSS INCOME
   19         EQUAL TO ONE HUNDRED
   20         THOUSAND DOLLARS
   21         MORE THAN ONE HUNDRED                    SEVEN PERCENT OF
   22         THOUSAND DOLLARS, BUT                    THE HOUSEHOLD
   23         LESS THAN OR EQUAL TO                    GROSS INCOME
   24         ONE HUNDRED FIFTY
   25         THOUSAND DOLLARS
   26         MORE THAN ONE HUNDRED                    EIGHT PERCENT OF
   27         FIFTY THOUSAND DOLLARS,                  THE HOUSEHOLD
   28         BUT LESS THAN OR EQUAL                   GROSS INCOME
   29         TO TWO HUNDRED THOUSAND
   30         DOLLARS
   31         MORE THAN TWO HUNDRED                    NINE PERCENT
   32         THOUSAND DOLLARS, BUT                    OF THE HOUSE-
   33         LESS THAN OR EQUAL TO                    HOLD GROSS
   34         TWO HUNDRED FIFTY                        INCOME
   35         THOUSAND DOLLARS
   36         MORE THAN TWO HUNDRED                    NO LIMITATION
   37         FIFTY THOUSAND
   38         DOLLARS
   39    (4) EXCLUSIONS FROM ELIGIBILITY. NO CREDIT SHALL BE GRANTED UNDER THIS
   40  SUBSECTION:
   41    (A)  IF  THE  QUALIFIED  TAXPAYER'S HOUSEHOLD GROSS INCOME EXCEEDS TWO
   42  HUNDRED FIFTY THOUSAND DOLLARS; OR
   43    (B) THE QUALIFIED TAXPAYER RECEIVED THE SCHOOL TAX  RELIEF  EXEMPTION,
   44  PURSUANT  TO  SECTION  FOUR HUNDRED TWENTY-FIVE OF THE REAL PROPERTY TAX
   45  LAW, DURING THE TAXABLE YEAR.
   46    S 2. This act shall take effect on the first of January next  succeed-
   47  ing  the  date  on  which it shall have become a law, and shall apply to
   48  taxable years commencing on or after such date.