Bill Text: NY S06970 | 2017-2018 | General Assembly | Introduced
Bill Title: Increases the income thresholds for and the amounts of the real property tax circuit breaker personal income tax credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06970 Detail]
Download: New_York-2017-S06970-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6970 2017-2018 Regular Sessions IN SENATE December 13, 2017 ___________ Introduced by Sen. PERALTA -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to the real property tax circuit breaker 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. Paragraphs 3 and 7 of subsection (e) of section 606 of the 2 tax law, as amended by chapter 28 of the laws of 1987, are amended to 3 read as follows: 4 (3) Determination of credit. (A) For qualified taxpayers who have 5 attained the age of sixty-five years before the beginning of or during 6 the taxable year the amount of the credit allowable under this 7 subsection shall be fifty percent, or in the case of a qualified taxpay- 8 er who has elected to include an additional amount pursuant to subpara- 9 graph (E) of paragraph one of this subsection, twenty-five percent, of 10 the excess of real property taxes or the excess of real property tax 11 equivalent determined as follows: 12 Excess real property taxes are the 13 excess of real property tax equiv- 14 alent or the excess of qualifying 15 real property taxes over the fo- 16 If household gross income for the llowing percentage of household 17 taxable year is: gross income: 18 ----------------------------------- ----------------------------------- 19 [$3,000] $10,000 or less 3 1/2 20 Over $10,000 but not over $15,000 3 21 Over [$3,000] $15,000 but not over 22 [$5,000] $25,000 4 23 Over [$5,000] $25,000 but not over 24 [$7,000] $35,000 4 1/2 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13933-01-7S. 6970 2 1 Over [$7,000] $35,000 but not over 2 [$9,000] $45,000 5 3 Over [$9,000] $45,000 but not over 4 [$11,000] $50,000 5 1/2 5 Over [$11,000] $50,000 but not over 6 [$14,000] $60,000 6 7 Over [$14,000] $60,000 but not over 8 [$18,000] $75,000 6 1/2 9 Notwithstanding the foregoing provisions, the maximum credit deter- 10 mined under this subparagraph may not exceed the amount determined in 11 accordance with the following table: 12 If household gross income for the 13 taxable year is: The maximum credit is: 14 ----------------------------------- ----------------------------------- 15 [$1,000] $10,000 or less [$375] $700 16 Over [$1,000] $10,000 but not over 17 [$2,000] $15,000 [$358] $650 18 Over [$2,000] $15,000 but not over 19 [$3,000] $20,000 [$341] $600 20 Over [$3,000] $20,000 but not over 21 [$4,000] $25,000 [$324] $550 22 Over [$4,000] $25,000 but not over 23 [$5,000] $30,000 [$307] $500 24 Over [$5,000] $30,000 but not over 25 [$6,000] $35,000 [$290] $450 26 Over [$6,000] $35,000 but not over 27 [$7,000] $40,000 [$273] $400 28 Over [$7,000] $40,000 but not over 29 [$8,000] $45,000 [$256] $350 30 Over [$8,000] $45,000 but not over 31 [$9,000] $50,000 [$239] $300 32 Over [$9,000] $50,000 but not over 33 [$10,000] $60,000 [$222] $250 34 Over [$10,000] $60,000 but not over 35 [$11,000 $20536Over $11,000 but not over $12,000 $18837Over $12,000 but not over $13,000 $17138Over $13,000 but not over $14,000 $15439Over $14,000 but not over $15,000 $13740Over $15,000 but not over $16,000 $12041Over $16,000 but not over $17,000 $10342Over $17,000 but not over $18,000] 43 $75,000 [$ 86] $200 44 (B) For all other qualified taxpayers the amount of the credit allow- 45 able under this subsection shall be fifty percent of excess real proper- 46 ty taxes or the excess of the real property tax equivalent determined as 47 follows: 48 Excess real property taxes are the 49 excess of real property tax equiv- 50 alent or the excess of qualifying 51 real property taxes over the 52 If household gross income for the following percentage of householdS. 6970 3 1 taxable year is: gross income: 2 ----------------------------------- ----------------------------------- 3 [$3,000] $10,000 or less 3 1/2 4 Over $10,000 but not over $15,000 3 5 Over [$3,000] $15,000 but not over 6 [$5,000] $25,000 4 7 Over [$5,000] $25,000 but not over 8 [$7,000] $35,000 4 1/2 9 Over [$7,000] $35,000 but not over 10 [$9,000] $45,000 5 11 Over [$9,000] $45,000 but not over 12 [$11,000] $50,000 5 1/2 13 Over [$11,000] $50,000 but not over 14 [$14,000] $60,000 6 15 Over [$14,000] $60,000 but not over 16 [$18,000] $75,000 6 1/2 17 Notwithstanding the foregoing provisions, the maximum credit deter- 18 mined under this subparagraph may not exceed the amount determined in 19 accordance with the following table: 20 If household gross income for the 21 taxable year is: The maximum credit is: 22 ----------------------------------- ----------------------------------- 23 [$1,000] $10,000 or less [$75] $400 24 Over [$1,000] $10,000 but not over 25 [$2,000] $15,000 [$73] $350 26 Over [$2,000] $15,000 but not over 27 [$3,000] $20,000 [$71] $325 28 Over [$3,000] $20,000 but not over 29 [$4,000] $25,000 [$69] $300 30 Over [$4,000] $25,000 but not over 31 [$5,000] $30,000 [$67] $275 32 Over [$5,000] $30,000 but not over 33 [$6,000] $35,000 [$65] $250 34 Over [$6,000] $35,000 but not over 35 [$7,000] $40,000 [$63] $225 36 Over [$7,000] $40,000 but not over 37 [$8,000] $45,000 [$61] $200 38 Over [$8,000] $45,000 but not over 39 [$9,000] $50,000 [$59] $175 40 Over [$9,000] $50,000 but not over 41 [$10,000] $60,000 [$57] $150 42 Over [$10,000] $60,000 but not over 43 [$11,000 $5544Over $11,000 but not over $12,000 $5345Over $12,000 but not over $13,000 $5146Over $13,000 but not over $14,000 $4947Over $14,000 but not over $15,000 $4748Over $15,000 but not over $16,000 $4549Over $16,000 but not over $17,000 $4350Over $17,000 but not over $18,000] 51 $75,000 [$41] $125 52 (7) No credit shall be granted under this subsection:S. 6970 4 1 (A) If household gross income for the taxable year exceeds [eighteen] 2 seventy-five thousand dollars. 3 (B) To a property owner unless: (i) the property is used for residen- 4 tial purposes, (ii) not more than twenty percent of the rental income, 5 if any, from the property is from rental for nonresidential purposes and 6 (iii) the property is occupied as a residence in whole or in part by one 7 or more of the owners of the property. 8 (C) To a property owner who owns real property, the full value of 9 which exceeds [eighty-five] two hundred thousand dollars. 10 (D) To a tenant if the adjusted rent for the residence exceeds [four11hundred fifty] one thousand dollars per month on average. 12 (E) To an individual with respect to whom a deduction under subsection 13 (c) of section one hundred fifty-one of the internal revenue code is 14 allowable to another taxpayer for the taxable year. 15 (F) With respect to a residence that is wholly exempted from real 16 property taxation. 17 (G) To an individual who is not a resident individual of the state for 18 the entire taxable year. 19 § 2. This act shall take effect immediately and shall apply to taxable 20 years commencing on or after the calendar year in which it shall have 21 become a law.
