Bill Text: NY S00291 | 2011-2012 | General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Increases the maximum real property tax circuit breaker tax credit.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2012-03-12 - COMMITTEE DISCHARGED AND COMMITTED TO RULES [S00291 Detail]
Download: New_York-2011-S00291-Amended.html
Bill Title: Increases the maximum real property tax circuit breaker tax credit.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2012-03-12 - COMMITTEE DISCHARGED AND COMMITTED TO RULES [S00291 Detail]
Download: New_York-2011-S00291-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
291--A
2011-2012 Regular Sessions
I N S E N A T E
(PREFILED)
January 5, 2011
___________
Introduced by Sens. MONTGOMERY, HASSELL-THOMPSON -- read twice and
ordered printed, and when printed to be committed to the Committee on
Investigations and Government Operations -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01411-02-1
S. 291--A 2
1 Over $3,000 but not over $5,000 4
2 Over $5,000 but not over $7,000 4 1/2
3 Over $7,000 but not over $9,000 5
4 Over $9,000 but not over $11,000 5 1/2
5 Over $11,000 but not over $14,000 6
6 Over $14,000 but not over $18,000 6 1/2
7 Notwithstanding the foregoing provisions, the maximum credit deter-
8 mined under this subparagraph may not exceed the amount determined in
9 accordance with the following table:
10 If household gross income The maximum credit is:
11 for the taxable year is:
12 _________________________________ ____________________________________
13 $1,000 or less [$375] $750
14 Over $1,000 but not over $2,000 [$358] $716
15 Over $2,000 but not over $3,000 [$341] $682
16 Over $3,000 but not over $4,000 [$324] $648
17 Over $4,000 but not over $5,000 [$307] $614
18 Over $5,000 but not over $6,000 [$290] $580
19 Over $6,000 but not over $7,000 [$273] $546
20 Over $7,000 but not over $8,000 [$256] $512
21 Over $8,000 but not over $9,000 [$239] $478
22 Over $9,000 but not over $10,000 [$222] $444
23 Over $10,000 but not over $11,000 [$205] $410
24 Over $11,000 but not over $12,000 [$188] $376
25 Over $12,000 but not over $13,000 [$171] $342
26 Over $13,000 but not over $14,000 [$154] $308
27 Over $14,000 but not over $15,000 [$137] $274
28 Over $15,000 but not over $16,000 [$120] $240
29 Over $16,000 but not over $17,000 [$103] $206
30 Over $17,000 but not over $18,000 [$ 86] $172
31 (B) For all other qualified taxpayers the amount of the credit allow-
32 able under this subsection shall be fifty percent of excess real proper-
33 ty taxes or the excess of the real property tax equivalent determined as
34 follows:
35 Excess real property taxes are the
36 excess of real property tax equiv-
37 alent or the excess of qualifying
38 real property taxes over the follow-
39 If household gross income for ing percentage of household gross
40 the taxable year is: income:
41 _____________________________ ____________________________________
42 $3,000 or less 3 1/2
43 Over $3,000 but not over $5,000 4
44 Over $5,000 but not over $7,000 4 1/2
45 Over $7,000 but not over $9,000 5
46 Over $9,000 but not over $11,000 5 1/2
47 Over $11,000 but not over $14,000 6
48 Over $14,000 but not over $18,000 6 1/2
S. 291--A 3
1 Notwithstanding the foregoing provisions, the maximum credit deter-
2 mined under this subparagraph may not exceed the amount determined in
3 accordance with the following table:
4 If household gross income for
5 the taxable year is: The maximum credit is:
6 ______________________________ ____________________________________
7 $1,000 or less [$75] $150
8 Over $1,000 but not over $2,000 [$73] $146
9 Over $2,000 but not over $3,000 [$71] $142
10 Over $3,000 but not over $4,000 [$69] $138
11 Over $4,000 but not over $5,000 [$67] $134
12 Over $5,000 but not over $6,000 [$65] $130
13 Over $6,000 but not over $7,000 [$63] $126
14 Over $7,000 but not over $8,000 [$61] $122
15 Over $8,000 but not over $9,000 [$59] $118
16 Over $9,000 but not over $10,000 [$57] $114
17 Over $10,000 but not over $11,000 [$55] $110
18 Over $11,000 but not over $12,000 [$53] $106
19 Over $12,000 but not over $13,000 [$51] $102
20 Over $13,000 but not over $14,000 [$49] $98
21 Over $14,000 but not over $15,000 [$47] $94
22 Over $15,000 but not over $16,000 [$45] $90
23 Over $16,000 but not over $17,000 [$43] $86
24 Over $17,000 but not over $18,000 [$41] $82
25 S 2. This act shall take effect immediately and shall apply to taxable
26 years beginning on and after January 1, 2013.
