Bill Text: NY S03082 | 2025-2026 | General Assembly | Introduced

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Bill Title: Relates to the term "income" for purposes of the school tax relief exemption; adds 401(k) and 403(b) accounts to the list of eligible income deductions when determining Enhanced STAR eligibility.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced) 2025-01-23 - REFERRED TO AGING [S03082 Detail]

Download: New_York-2025-S03082-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3082

                               2025-2026 Regular Sessions

                    IN SENATE

                                    January 23, 2025
                                       ___________

        Introduced  by  Sens. HELMING, BORRELLO, CANZONERI-FITZPATRICK, MATTERA,
          RHOADS -- 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 term
          "income" for purposes of the school tax relief 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  1  of
     3  part B of chapter 59 of the laws of 2018, 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
    10  retirement  annuity,  a  distribution  from an account established under
    11  section 401(k) or 403(b) of the United States internal revenue  code  of
    12  1986 as amended, or a simplified employee pension plan (SEP) established
    13  pursuant  to the United States internal revenue code of 1986 as amended;
    14  provided that if no such return was filed for the applicable income  tax
    15  year, "income" shall mean the adjusted gross income that would have been
    16  so  reported  if  such  a return had been filed.  Provided further, that
    17  effective with exemption applications for final assessment rolls  to  be
    18  completed in two thousand nineteen, where an income-eligibility determi-
    19  nation is wholly or partly based upon the income of one or more individ-
    20  uals  who did not file a return for the applicable income tax year, then
    21  in order for the application to be considered complete, each such  indi-
    22  vidual  must  file a statement with the department showing the source or
    23  sources of [his or her] each such individual's income  for  that  income
    24  tax  year,  and  the  amount  or  amounts  thereof, that would have been

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01494-01-5
        S. 3082                             2

     1  reported on such a return if one had been filed. Such statement shall be
     2  filed at such time, and in such form and manner, as may be prescribed by
     3  the department, and shall be subject to the secrecy  provisions  of  the
     4  tax  law  to the same extent that a personal income tax return would be.
     5  The department shall make such forms and instructions available for  the
     6  filing  of such statements. The local assessor shall upon the request of
     7  a taxpayer assist such taxpayer in the filing of the statement with  the
     8  department.
     9    §  2. This act shall take effect on the first of January next succeed-
    10  ing the date on which it shall have become a law.