S T A T E O F N E W Y O R K
________________________________________________________________________
1912
2011-2012 Regular Sessions
I N A S S E M B L Y
January 12, 2011
___________
Introduced by M. of A. JEFFRIES -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to establishing the maximum
residential real property, 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. Section 606 of the tax law is amended by adding a new
2 subsection (ss) to read as follows:
3 (SS) MAXIMUM RESIDENTIAL REAL PROPERTY TAX CREDIT. (1) DEFINITIONS.
4 FOR THE PURPOSES OF THIS SUBSECTION:
5 (A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE WHO
6 OWNS THE RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES, AND HAS
7 RESIDED IN SUCH RESIDENTIAL REAL PROPERTY FOR NOT LESS THAN TEN YEARS.
8 (B) "HOUSEHOLD" MEANS THE TAXPAYER OR TAXPAYERS AND ALL OTHER PERSONS,
9 NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY
10 OWNED BY THE TAXPAYER OR TAXPAYERS, AND SHARE ITS FURNISHINGS, FACILI-
11 TIES AND ACCOMMODATIONS; PROVIDED THAT NO PERSON MAY BE A MEMBER OF MORE
12 THAN ONE HOUSEHOLD AT ONE TIME.
13 (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
14 OF ALL MEMBERS OF THE HOUSEHOLD FOR THE TAXABLE YEAR; PROVIDED THAT SUCH
15 TERM SHALL ONLY INCLUDE ALL SUCH INCOME RECEIVED BY ALL MEMBERS OF THE
16 HOUSEHOLD WHILE MEMBERS OF SUCH HOUSEHOLD.
17 (D) "NET REAL PROPERTY TAX" MEANS THE REAL PROPERTY TAXES ASSESSED ON
18 THE RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED BY THE TAXPAYER OR
19 TAXPAYERS AFTER ANY EXEMPTION OR ABATEMENT RECEIVED PURSUANT TO THE REAL
20 PROPERTY TAX LAW.
21 (2) CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
22 TAXES IMPOSED BY THIS ARTICLE, EQUAL TO SEVENTY PERCENT OF THE AMOUNT
23 WHICH THE TAXPAYER'S NET REAL PROPERTY TAX EXCEEDS THE TAXPAYER'S MAXI-
24 MUM REAL PROPERTY TAX, AS DETERMINED BY PARAGRAPH THREE OF THIS
25 SUBSECTION. IF SUCH CREDIT EXCEEDS THE TAX FOR SUCH TAXABLE YEAR, AS
26 REDUCED BY THE OTHER CREDITS PERMITTED BY THIS ARTICLE, THE QUALIFIED
27 TAXPAYER MAY RECEIVE, AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF
28 THE DEPARTMENT, SHALL PAY AS AN OVERPAYMENT, WITHOUT INTEREST, ANY
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05028-01-1
A. 1912 2
1 EXCESS BETWEEN SUCH TAX AS SO REDUCED AND THE AMOUNT OF THE CREDIT. IF A
2 QUALIFIED TAXPAYER IS NOT REQUIRED TO FILE A RETURN PURSUANT TO SECTION
3 SIX HUNDRED FIFTY-ONE OF THIS ARTICLE, A QUALIFIED TAXPAYER MAY NEVER-
4 THELESS RECEIVE AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF THE
5 DEPARTMENT, SHALL PAY AS AN OVERPAYMENT THE FULL AMOUNT OF THE CREDIT,
6 WITHOUT INTEREST.
7 (3) MAXIMUM REAL PROPERTY TAX. A QUALIFIED TAXPAYER'S MAXIMUM REAL
8 PROPERTY TAX SHALL BE DETERMINED AS FOLLOWS:
9 HOUSEHOLD GROSS INCOME MAXIMUM REAL PROPERTY TAX
10 LESS THAN TWENTY-FIVE FOUR PERCENT OF THE
11 THOUSAND DOLLARS HOUSEHOLD GROSS INCOME
12 MORE THAN TWENTY-FIVE FIVE PERCENT OF THE
13 THOUSAND DOLLARS, BUT HOUSEHOLD GROSS INCOME
14 LESS THAN OR EQUAL TO
15 FIFTY THOUSAND DOLLARS
16 MORE THAN FIFTY THOUSAND SIX PERCENT OF THE
17 DOLLARS, BUT LESS THAN OR HOUSEHOLD GROSS INCOME
18 EQUAL TO ONE HUNDRED
19 THOUSAND DOLLARS
20 MORE THAN ONE HUNDRED SEVEN PERCENT OF
21 THOUSAND DOLLARS, BUT THE HOUSEHOLD
22 LESS THAN OR EQUAL TO GROSS INCOME
23 ONE HUNDRED FIFTY
24 THOUSAND DOLLARS
25 MORE THAN ONE HUNDRED EIGHT PERCENT OF
26 FIFTY THOUSAND DOLLARS, THE HOUSEHOLD
27 BUT LESS THAN OR EQUAL GROSS INCOME
28 TO TWO HUNDRED THOUSAND
29 DOLLARS
30 MORE THAN TWO HUNDRED NINE PERCENT
31 THOUSAND DOLLARS, BUT OF THE HOUSE-
32 LESS THAN OR EQUAL TO HOLD GROSS
33 TWO HUNDRED FIFTY INCOME
34 THOUSAND DOLLARS
35 MORE THAN TWO HUNDRED NO LIMITATION
36 FIFTY THOUSAND
37 DOLLARS
38 (4) EXCLUSIONS FROM ELIGIBILITY. NO CREDIT SHALL BE GRANTED UNDER THIS
39 SUBSECTION:
40 (A) IF THE QUALIFIED TAXPAYER'S HOUSEHOLD GROSS INCOME EXCEEDS TWO
41 HUNDRED FIFTY THOUSAND DOLLARS; OR
42 (B) THE QUALIFIED TAXPAYER RECEIVED THE SCHOOL TAX RELIEF EXEMPTION,
43 PURSUANT TO SECTION FOUR HUNDRED TWENTY-FIVE OF THE REAL PROPERTY TAX
44 LAW, DURING THE TAXABLE YEAR.
45 S 2. This act shall take effect on the first of January next succeed-
46 ing the date on which it shall have become a law, and shall apply to
47 taxable years commencing on or after such date.