Bill Text: NY A07537 | 2017-2018 | General Assembly | Amended

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Bill Title: Includes distribution from a thrift savings plan in the definition of income in relation to the enhanced STAR exemption.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-05-31 - held for consideration in real property taxation [A07537 Detail]

Download: New_York-2017-A07537-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7537--B
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                       May 1, 2017
                                       ___________
        Introduced  by M. of A. SKOUFIS -- read once and referred to the Commit-
          tee on Real Property Taxation -- committee discharged,  bill  amended,
          ordered  reprinted  as  amended  and  recommitted to said committee --
          again reported from said committee with amendments, ordered  reprinted
          as amended and recommitted to said committee
        AN  ACT  to amend the real property tax law and the tax law, in relation
          to the definition of income in relation to the enhanced STAR exemption
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subparagraph  (ii)  of  paragraph (b) of subdivision 4 of
     2  section 425 of the real property tax law, as amended  by  section  3  of
     3  part E of chapter 83 of the laws of 2002, is amended to read as follows:
     4    (ii)  The  term "income" as used herein shall mean the "adjusted gross
     5  income" for federal income tax purposes as reported on  the  applicant's
     6  federal  or  state income tax return for the applicable income tax year,
     7  subject to any subsequent amendments or revisions, reduced  by  distrib-
     8  utions,  to  the  extent  included  in  federal  adjusted  gross income,
     9  received from an individual retirement account and an individual retire-
    10  ment annuity, and distribution from a thrift  savings  plan  established
    11  prior  to  January first, nineteen hundred eighty-four; provided that if
    12  no such return was filed for the applicable income  tax  year,  "income"
    13  shall mean the adjusted gross income that would have been so reported if
    14  such a return had been filed.
    15    §  2.  Subparagraph  (B) of paragraph 1 of subsection (eee) of section
    16  606 of the tax law, as amended by section 8 of part A of chapter  73  of
    17  the laws of 2016, is amended to read as follows:
    18    (B)  "Affiliated  income"  shall  mean  for purposes of the basic STAR
    19  credit, the combined income of all of  the  owners  of  the  parcel  who
    20  resided  primarily  thereon  as  of December thirty-first of the taxable
    21  year, and of any owners' spouses residing primarily thereon as  of  such
    22  date,  and for purposes of the enhanced STAR credit, the combined income
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10949-04-7
        A. 7537--B                          2
     1  of all of the owners of the parcel as of December  thirty-first  of  the
     2  taxable  year,  and of any owners' spouses residing primarily thereon as
     3  of such date; provided that for  both  purposes  the  income  to  be  so
     4  combined  shall  be  the "adjusted gross income" for the taxable year as
     5  reported for federal income tax purposes, or that would be  reported  as
     6  adjusted gross income if a federal income tax return were required to be
     7  filed,  reduced  by  distributions,  to  the  extent included in federal
     8  adjusted gross income, received from an  individual  retirement  account
     9  and  an  individual  retirement  annuity, and distribution from a thrift
    10  savings plan established prior to January first, nineteen hundred eight-
    11  y-four. Provided further, that if the qualified taxpayer was an owner of
    12  the property during the taxable year but did  not  own  it  on  December
    13  thirty-first  of  the taxable year, then the determination as to whether
    14  the income of an individual should be included  in  "affiliated  income"
    15  shall  be based upon the ownership and/or residency status of that indi-
    16  vidual as of the first day of  the  month  during  which  the  qualified
    17  taxpayer ceased to be an owner of the property, rather than as of Decem-
    18  ber thirty-first of the taxable year.
    19    §  3. This act shall take effect on the first of January next succeed-
    20  ing the date on which it shall have become a law.