Bill Text: NY A03979 | 2011-2012 | General Assembly | Introduced
Bill Title: Increases the maximum real property tax circuit breaker tax credit.
Spectrum: Slight Partisan Bill (Democrat 9-4)
Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A03979 Detail]
Download: New_York-2011-A03979-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
3979
2011-2012 Regular Sessions
I N A S S E M B L Y
January 31, 2011
___________
Introduced by M. of A. ROBINSON, COLTON, STEVENSON, GIBSON, JAFFEE --
Multi-Sponsored by -- M. of A. AMEDORE, CERETTO, CROUCH, SAYWARD,
SWEENEY, THIELE -- read once and referred to the Committee on Ways and
Means
AN ACT to amend the tax law, in relation to increasing the maximum real
property tax circuit breaker credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph 3 of subsection (e) of section 606 of the tax
2 law, as amended by chapter 28 of the laws of 1987, is amended to read as
3 follows:
4 (3) Determination of credit. (A) For qualified taxpayers who have
5 attained the age of sixty-five years before the beginning of or during
6 the taxable year the amount of the credit allowable under this
7 subsection shall be fifty percent, or in the case of a qualified taxpay-
8 er who has elected to include an additional amount pursuant to subpara-
9 graph (E) of paragraph one of this subsection, twenty-five percent, of
10 the excess of real property taxes or the excess of real property tax
11 equivalent determined as follows:
12 Excess real property taxes are the
13 excess of real property tax equiv-
14 alent or the excess of qualifying
15 real property taxes over the follow-
16 If household gross income for ing percentage of household gross
17 the taxable year is: income:
18 _____________________________ ____________________________________
19 $3,000 or less 3 1/2
20 Over $3,000 but not over $5,000 4
21 Over $5,000 but not over $7,000 4 1/2
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01411-01-1
A. 3979 2
1 Over $7,000 but not over $9,000 5
2 Over $9,000 but not over $11,000 5 1/2
3 Over $11,000 but not over $14,000 6
4 Over $14,000 but not over $18,000 6 1/2
5 Notwithstanding the foregoing provisions, the maximum credit deter-
6 mined under this subparagraph may not exceed the amount determined in
7 accordance with the following table:
8 If household gross income The maximum credit is:
9 for the taxable year is:
10 _________________________________ ____________________________________
11 $1,000 or less [$375] $750
12 Over $1,000 but not over $2,000 [$358] $716
13 Over $2,000 but not over $3,000 [$341] $682
14 Over $3,000 but not over $4,000 [$324] $648
15 Over $4,000 but not over $5,000 [$307] $614
16 Over $5,000 but not over $6,000 [$290] $580
17 Over $6,000 but not over $7,000 [$273] $546
18 Over $7,000 but not over $8,000 [$256] $512
19 Over $8,000 but not over $9,000 [$239] $478
20 Over $9,000 but not over $10,000 [$222] $444
21 Over $10,000 but not over $11,000 [$205] $410
22 Over $11,000 but not over $12,000 [$188] $376
23 Over $12,000 but not over $13,000 [$171] $342
24 Over $13,000 but not over $14,000 [$154] $308
25 Over $14,000 but not over $15,000 [$137] $274
26 Over $15,000 but not over $16,000 [$120] $240
27 Over $16,000 but not over $17,000 [$103] $206
28 Over $17,000 but not over $18,000 [$ 86] $172
29 (B) For all other qualified taxpayers the amount of the credit allow-
30 able under this subsection shall be fifty percent of excess real proper-
31 ty taxes or the excess of the real property tax equivalent determined as
32 follows:
33 Excess real property taxes are the
34 excess of real property tax equiv-
35 alent or the excess of qualifying
36 real property taxes over the follow-
37 If household gross income for ing percentage of household gross
38 the taxable year is: income:
39 _____________________________ ____________________________________
40 $3,000 or less 3 1/2
41 Over $3,000 but not over $5,000 4
42 Over $5,000 but not over $7,000 4 1/2
43 Over $7,000 but not over $9,000 5
44 Over $9,000 but not over $11,000 5 1/2
45 Over $11,000 but not over $14,000 6
46 Over $14,000 but not over $18,000 6 1/2
47 Notwithstanding the foregoing provisions, the maximum credit deter-
48 mined under this subparagraph may not exceed the amount determined in
49 accordance with the following table:
A. 3979 3
1 If household gross income for
2 the taxable year is: The maximum credit is:
3 ______________________________ ____________________________________
4 $1,000 or less [$75] $150
5 Over $1,000 but not over $2,000 [$73] $146
6 Over $2,000 but not over $3,000 [$71] $142
7 Over $3,000 but not over $4,000 [$69] $138
8 Over $4,000 but not over $5,000 [$67] $134
9 Over $5,000 but not over $6,000 [$65] $130
10 Over $6,000 but not over $7,000 [$63] $126
11 Over $7,000 but not over $8,000 [$61] $122
12 Over $8,000 but not over $9,000 [$59] $118
13 Over $9,000 but not over $10,000 [$57] $114
14 Over $10,000 but not over $11,000 [$55] $110
15 Over $11,000 but not over $12,000 [$53] $106
16 Over $12,000 but not over $13,000 [$51] $102
17 Over $13,000 but not over $14,000 [$49] $98
18 Over $14,000 but not over $15,000 [$47] $94
19 Over $15,000 but not over $16,000 [$45] $90
20 Over $16,000 but not over $17,000 [$43] $86
21 Over $17,000 but not over $18,000 [$41] $82
22 S 2. This act shall take effect immediately and shall apply to taxable
23 years beginning on and after January 1, 2012.
