Bill Text: NY A01946 | 2025-2026 | General Assembly | Introduced

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Bill Title: Relates to the definition of income for tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-01-14 - referred to aging [A01946 Detail]

Download: New_York-2025-A01946-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1946

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 14, 2025
                                       ___________

        Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
          Committee on Aging

        AN ACT to amend the real property tax law, in relation to the definition
          of income for 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. Clause (B) of subparagraph (ii) of paragraph c of  subdivi-
     2  sion  1  of  section  467-b  of the real property tax law, as amended by
     3  chapter 276 of the laws of 2023, is amended to read as follows:
     4    (B) provided, however, that income may be  calculated  as  the  income
     5  from  all  sources  after  deduction  of  all income and social security
     6  taxes, union dues and court-ordered support payments and includes social
     7  security and retirement benefits, supplemental security income and addi-
     8  tional state payments, public assistance benefits, interest,  dividends,
     9  net  rental  income,  salary or business earnings or losses, net capital
    10  gains or losses, and net income  from  self-employment,  but  shall  not
    11  include  gifts  or inheritances, payments made to individuals because of
    12  their status as victims of Nazi persecution, as defined in federal  P.L.
    13  103-286,  or increases in benefits accorded pursuant to the social secu-
    14  rity act or a public or private pension paid to any member of the house-
    15  hold which increase, in any given year, does  not  exceed  the  consumer
    16  price  index  (all items United States city average) for such year which
    17  take effect after the date of  eligibility  of  head  of  the  household
    18  receiving  benefits hereunder whether received by the head of the house-
    19  hold or any other member of the household, when the following conditions
    20  are met:
    21    (1) a rent increase exemption order was granted to the head of  house-
    22  hold prior to July first, two thousand twenty-four;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05319-01-5
        A. 1946                             2

     1    (2)  such  rent  increase exemption order is either renewed after each
     2  benefit period or granted pursuant to paragraph (d) of  subdivision  two
     3  of this section to account for a temporary increase in income;
     4    (3)  income calculated as described in this subparagraph would yield a
     5  lower amount than income calculated as described in subparagraph (i)  of
     6  this paragraph; and
     7    § 2. This act shall take effect immediately.