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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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--A
                               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
        AN ACT to amend the real property 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. This act shall take effect on the first of January next  succeed-
    16  ing the date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10949-03-7