Bill Text: NY S07472 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to the term "income" for purposes of the school tax relief exemption.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-05-15 - REFERRED TO LOCAL GOVERNMENT [S07472 Detail]

Download: New_York-2013-S07472-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7472
                                   I N  S E N A T E
                                     May 15, 2014
                                      ___________
       Introduced  by Sen. NOZZOLIO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       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    S 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.
                                                                  LBD14422-01-4