Bill Text: NY S06836 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to increasing allowable maximum income of certain persons otherwise eligible for tax abatement.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO AGING [S06836 Detail]
Download: New_York-2017-S06836-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6836--A 2017-2018 Regular Sessions IN SENATE July 19, 2017 ___________ Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- 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 increasing the allowable maximum income of certain persons otherwise eligible for tax abatement in certain cases 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 separately amended by chapters 131 and 279 of the 3 laws of 2017, is 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 more 8 than twenty-six thousand dollars beginning July first, two thousand six, 9 twenty-seven thousand dollars beginning July first, two thousand seven, 10 twenty-eight thousand dollars beginning July first, two thousand eight, 11 twenty-nine thousand dollars beginning July first, two thousand nine, 12 and [in a city with a population of one million or more] fifty thousand 13 dollars beginning July first, two thousand seventeen, as may be provided 14 by the local law, ordinance or resolution adopted pursuant to this 15 section. Income tax year shall mean the twelve month period for which 16 the owner or owners filed a federal personal income tax return, or if no 17 such return is filed, the calendar year. Where title is vested in either 18 the husband or the wife, their combined income may not exceed such sum, 19 except where the husband or wife, or ex-husband or ex-wife is absent 20 from the property as provided in subparagraph (ii) of paragraph (d) of 21 this subdivision, then only the income of the spouse or ex-spouse resid- 22 ing on the property shall be considered and may not exceed such sum. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13325-02-7S. 6836--A 2 1 Such income shall include social security and retirement benefits, 2 interest, dividends, total gain from the sale or exchange of a capital 3 asset which may be offset by a loss from the sale or exchange of a capi- 4 tal asset in the same income tax year, net rental income, salary or 5 earnings, and net income from self-employment, but shall not include a 6 return of capital, gifts, inheritances, payments made to individuals 7 because of their status as victims of Nazi persecution, as defined in 8 P.L. 103-286 or monies earned through employment in the federal foster 9 grandparent program and any such income shall be offset by all medical 10 and prescription drug expenses actually paid which were not reimbursed 11 or paid for by insurance, if the governing board of a municipality, 12 after a public hearing, adopts a local law, ordinance or resolution 13 providing therefor. In addition, an exchange of an annuity for an annui- 14 ty contract, which resulted in non-taxable gain, as determined in 15 section one thousand thirty-five of the internal revenue code, shall be 16 excluded from such income. Provided that such exclusion shall be based 17 on satisfactory proof that such an exchange was solely an exchange of an 18 annuity for an annuity contract that resulted in a non-taxable transfer 19 determined by such section of the internal revenue code. Furthermore, 20 such income shall not include the proceeds of a reverse mortgage, as 21 authorized by section six-h of the banking law, and sections two hundred 22 eighty and two hundred eighty-a of the real property law; provided, 23 however, that monies used to repay a reverse mortgage may not be 24 deducted from income, and provided additionally that any interest or 25 dividends realized from the investment of reverse mortgage proceeds 26 shall be considered income. The provisions of this paragraph notwith- 27 standing, such income shall not include veterans disability compen- 28 sation, as defined in Title 38 of the United States Code provided the 29 governing board of such municipality, after public hearing, adopts a 30 local law, ordinance or resolution providing therefor. In computing net 31 rental income and net income from self-employment no depreciation 32 deduction shall be allowed for the exhaustion, wear and tear of real or 33 personal property held for the production of income; 34 § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop- 35 erty tax law, as amended by chapter 131 of the laws of 2017, is amended 36 to read as follows: 37 (a) if the income of the owner or the combined income of the owners of 38 the property for the income tax year immediately preceding the date of 39 making application for exemption exceeds the sum of three thousand 40 dollars, or such other sum not less than three thousand dollars nor more 41 than twenty-six thousand dollars beginning July first, two thousand six, 42 twenty-seven thousand dollars beginning July first, two thousand seven, 43 twenty-eight thousand dollars beginning July first, two thousand eight, 44 twenty-nine thousand dollars beginning July first, two thousand nine, 45 and [in a city with a population of one million or more] fifty thousand 46 dollars beginning July first, two thousand seventeen, as may be provided 47 by the local law or resolution adopted pursuant to this section. Income 48 tax year shall mean the twelve month period for which the owner or 49 owners filed a federal personal income tax return, or if no such return 50 is filed, the calendar year. Where title is vested in either the husband 51 or the wife, their combined income may not exceed such sum, except where 52 the husband or wife, or ex-husband or ex-wife is absent from the proper- 53 ty due to divorce, legal separation or abandonment, then only the income 54 of the spouse or ex-spouse residing on the property shall be considered 55 and may not exceed such sum. Such income shall include social security 56 and retirement benefits, interest, dividends, total gain from the saleS. 6836--A 3 1 or exchange of a capital asset which may be offset by a loss from the 2 sale or exchange of a capital asset in the same income tax year, net 3 rental income, salary or earnings, and net income from self-employment, 4 but shall not include a return of capital, gifts, inheritances or monies 5 earned through employment in the federal foster grandparent program and 6 any such income shall be offset by all medical and prescription drug 7 expenses actually paid which were not reimbursed or paid for by insur- 8 ance, if the governing board of a municipality, after a public hearing, 9 adopts a local law or resolution providing therefor. In computing net 10 rental income and net income from self-employment no depreciation 11 deduction shall be allowed for the exhaustion, wear and tear of real or 12 personal property held for the production of income; 13 § 3. This act shall take effect immediately and shall apply to appli- 14 cations made for an exemption pursuant to this act for the fiscal year 15 commencing in 2018 and all fiscal years thereafter. Applications 16 received for the fiscal year commencing in 2018 shall be considered 17 timely if they are filed on or before the one hundred twentieth day 18 following the effective date of the local law implementing the 19 provisions of this act.
