Bill Text: NY S07610 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to increasing the tax abatement income limit for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities to fifty-five thousand dollars beginning July first, two thousand sixteen.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-05-11 - REFERRED TO AGING [S07610 Detail]

Download: New_York-2015-S07610-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7610
                    IN SENATE
                                      May 11, 2016
                                       ___________
        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging
        AN ACT to amend the real property tax law, in relation to tax  abatement
          for  rent-controlled  and  rent  regulated property occupied by senior
          citizens or persons with disabilities
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Paragraphs a and b of subdivision 3 of section 467-b of the
     2  real  property tax law, paragraph a as amended by section 1 of part U of
     3  chapter 55 of the laws of 2014 and paragraph b as amended by chapter 129
     4  of the laws of 2014, are amended to read as follows:
     5    a. for a dwelling unit where the head of the  household  is  a  person
     6  sixty-two  years  of  age or older, no tax abatement shall be granted if
     7  the combined income of all members of the household for the  income  tax
     8  year  immediately  preceding the date of making application exceeds four
     9  thousand dollars, or such other sum not more than  twenty-five  thousand
    10  dollars  beginning  July  first,  two thousand five, twenty-six thousand
    11  dollars beginning July first, two thousand  six,  twenty-seven  thousand
    12  dollars  beginning July first, two thousand seven, twenty-eight thousand
    13  dollars beginning July first, two thousand eight,  twenty-nine  thousand
    14  dollars  beginning  July  first,  two  thousand nine, and fifty thousand
    15  dollars beginning July first,  two  thousand  fourteen,  and  fifty-five
    16  thousand  beginning July first, two thousand sixteen, as may be provided
    17  by the local law, ordinance  or  resolution  adopted  pursuant  to  this
    18  section, provided that when the head of the household retires before the
    19  commencement of such income tax year and the date of filing the applica-
    20  tion,  the  income  for such year may be adjusted by excluding salary or
    21  earnings and projecting his or her retirement  income  over  the  entire
    22  period of such year.
    23    b.  for a dwelling unit where the head of the household qualifies as a
    24  person with a disability pursuant to subdivision five of  this  section,
    25  no tax abatement shall be granted if the combined income for all members
    26  of  the household for the current income tax year exceeds fifty thousand
    27  dollars beginning July first,  two  thousand  fourteen,  and  fifty-five
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15366-01-6
        S. 7610                             2
     1  thousand  beginning July first, two thousand sixteen, as may be provided
     2  by the local law, ordinance  or  resolution  adopted  pursuant  to  this
     3  section.
     4    §  2. This act shall take effect immediately, provided that the amend-
     5  ments to paragraphs a and b of subdivision 3 of  section  467-b  of  the
     6  real  property  tax law made by section one of this act shall not affect
     7  the expiration of such paragraphs and shall be deemed to  expire  there-
     8  with.