Bill Text: NY S00705 | 2023-2024 | 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) 2024-01-03 - REFERRED TO AGING [S00705 Detail]

Download: New_York-2023-S00705-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           705

                               2023-2024 Regular Sessions

                    IN SENATE

                                     January 6, 2023
                                       ___________

        Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
          printed to be committed 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. Paragraph c of subdivision 1 of section 467-b of  the  real
     2  property  tax  law,  as  amended  by chapter 500 of the laws of 2001, is
     3  amended to read as follows:
     4    c. "Income" means income from  all  sources  after  deduction  of  all
     5  income  and  social security taxes, union dues and court-ordered support
     6  payments and includes social security and retirement  benefits,  supple-
     7  mental  security income and additional state payments, public assistance
     8  benefits, interest, dividends, net rental  income,  salary  or  business
     9  earnings  or  losses,  net  capital gains or losses, and net income from
    10  self-employment, but shall not include gifts or  inheritances,  payments
    11  made  to  individuals  because of their status as victims of Nazi perse-
    12  cution, as defined in P.L. 103-286, or increases  in  benefits  accorded
    13  pursuant  to the social security act or a public or private pension paid
    14  to any member of the household which increase, in any given  year,  does
    15  not  exceed the consumer price index (all items United States city aver-
    16  age) for such year which take effect after the date  of  eligibility  of
    17  head  of  the household receiving benefits hereunder whether received by
    18  the head of the household or any other member of the household;
    19    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00929-01-3