Bill Text: NY S07646 | 2019-2020 | General Assembly | Introduced

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Bill Title: Extends the property tax relief credit indefinitely.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-02-04 - REFERRED TO BUDGET AND REVENUE [S07646 Detail]

Download: New_York-2019-S07646-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7646

                    IN SENATE

                                    February 4, 2020
                                       ___________

        Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law, in relation to extending the  property  tax
          relief credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subparagraphs (b) and (c)  of  paragraph  3  of  subsection
     2  (n-1)  of section 606 of the tax law, as added by section 1 of subpart B
     3  of part C of chapter 20 of the laws of 2015,  are  amended  to  read  as
     4  follows:
     5    (b)  For  the  two  thousand  seventeen, two thousand eighteen and two
     6  thousand nineteen taxable years [(i) For] and thereafter, for a taxpayer
     7  who owned and primarily resided in real  property  receiving  the  basic
     8  STAR  exemption,  the  amount  of  the  credit  shall equal the STAR tax
     9  savings associated with such basic STAR  exemption,  multiplied  by  the
    10  following percentage:
    11    (A) for the two thousand seventeen taxable year:
    12  Qualified Gross Income                  Percentage
    13  Not over $75,000                        28%
    14  Over $75,000 but not over $150,000      20.5%
    15  Over $150,000 but not over $200,000     13%
    16  Over $200,000 but not over $275,000     5.5%
    17  Over $275,000                           No credit
    18    (B) for the two thousand eighteen taxable year:
    19  Qualified Gross Income                  Percentage
    20  Not over $75,000                        60%
    21  Over $75,000 but not over $150,000      42.5%
    22  Over $150,000 but not over $200,000     25%
    23  Over $200,000 but not over $275,000     7.5%
    24  Over $275,000                           No credit
    25    (C) for the two thousand nineteen taxable year and thereafter:
    26  Qualified Gross Income                  Percentage
    27  Not over $75,000                        85%
    28  Over $75,000 but not over $150,000      60%

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14839-01-0
        S. 7646                             2

     1  Over $150,000 but not over $200,000     35%
     2  Over $200,000 but not over $275,000     10%
     3  Over $275,000                           No credit
     4    (c)  For  a  taxpayer who owned and primarily resided in real property
     5  receiving the enhanced STAR exemption, the amount of  the  credit  shall
     6  equal the STAR tax savings associated with such enhanced STAR exemption,
     7  multiplied by the following percentage:
     8  Taxable Year                            Percentage
     9  two thousand seventeen                  12%
    10  two thousand eighteen                   26%
    11  two thousand nineteen and thereafter    34%
    12    § 2. This act shall take effect immediately.