Bill Text: NY S04628 | 2017-2018 | General Assembly | Amended
Bill Title: Increases allowable maximum income of certain persons otherwise eligible for tax abatement in the city of New York.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Passed) 2017-07-25 - SIGNED CHAP.131 [S04628 Detail]
Download: New_York-2017-S04628-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4628--A Cal. No. 379 2017-2018 Regular Sessions IN SENATE February 23, 2017 ___________ Introduced by Sens. SAVINO, HOYLMAN, PERALTA -- read twice and ordered printed, and when printed to be committed to the Committee on Aging -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the real property tax law, in relation to increasing the allowable maximum income of certain persons otherwise eligible for tax abatement in certain cases The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (a) of subdivision 3 of section 467 of the real 2 property tax law, as amended by chapter 259 of the laws of 2009, is 3 amended to read as follows: 4 (a) if the income of the owner or the combined income of the owners of 5 the property for the income tax year immediately preceding the date of 6 making application for exemption exceeds the sum of three thousand 7 dollars, or such other sum not less than three thousand dollars nor more 8 than twenty-six thousand dollars beginning July first, two thousand six, 9 twenty-seven thousand dollars beginning July first, two thousand seven, 10 twenty-eight thousand dollars beginning July first, two thousand eight, 11 [and] twenty-nine thousand dollars beginning July first, two thousand 12 nine, and in a city with a population of one million or more fifty thou- 13 sand dollars beginning July first, two thousand seventeen, as may be 14 provided by the local law, ordinance or resolution adopted pursuant to 15 this section. Income tax year shall mean the twelve month period for 16 which the owner or owners filed a federal personal income tax return, or 17 if no such return is filed, the calendar year. Where title is vested in 18 either the husband or the wife, their combined income may not exceed 19 such sum, except where the husband or wife, or ex-husband or ex-wife is 20 absent from the property as provided in subparagraph (ii) of paragraph 21 (d) of this subdivision, then only the income of the spouse or ex-spouse EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09852-05-7S. 4628--A 2 1 residing on the property shall be considered and may not exceed such 2 sum. Such income shall include social security and retirement benefits, 3 interest, dividends, total gain from the sale or exchange of a capital 4 asset which may be offset by a loss from the sale or exchange of a capi- 5 tal asset in the same income tax year, net rental income, salary or 6 earnings, and net income from self-employment, but shall not include a 7 return of capital, gifts, inheritances, payments made to individuals 8 because of their status as victims of Nazi persecution, as defined in 9 P.L. 103-286 or monies earned through employment in the federal foster 10 grandparent program and any such income shall be offset by all medical 11 and prescription drug expenses actually paid which were not reimbursed 12 or paid for by insurance, if the governing board of a municipality, 13 after a public hearing, adopts a local law, ordinance or resolution 14 providing therefor. Furthermore, such income shall not include the 15 proceeds of a reverse mortgage, as authorized by section six-h of the 16 banking law, and sections two hundred eighty and two hundred eighty-a of 17 the real property law; provided, however, that monies used to repay a 18 reverse mortgage may not be deducted from income, and provided addi- 19 tionally that any interest or dividends realized from the investment of 20 reverse mortgage proceeds shall be considered income. The provisions of 21 this paragraph notwithstanding, such income shall not include veterans 22 disability compensation, as defined in Title 38 of the United States 23 Code provided the governing board of such municipality, after public 24 hearing, adopts a local law, ordinance or resolution providing therefor. 25 In computing net rental income and net income from self-employment no 26 depreciation deduction shall be allowed for the exhaustion, wear and 27 tear of real or personal property held for the production of income; 28 § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop- 29 erty tax law, as separately amended by chapters 187 and 252 of the laws 30 of 2006, is amended to read as follows: 31 (a) if the income of the owner or the combined income of the owners of 32 the property for the income tax year immediately preceding the date of 33 making application for exemption exceeds the sum of three thousand 34 dollars, or such other sum not less than three thousand dollars nor more 35 than twenty-six thousand dollars beginning July first, two thousand six, 36 twenty-seven thousand dollars beginning July first, two thousand seven, 37 twenty-eight thousand dollars beginning July first, two thousand eight, 38 [and] twenty-nine thousand dollars beginning July first, two thousand 39 nine, and in a city with a population of one million or more fifty thou- 40 sand dollars beginning July first, two thousand seventeen, as may be 41 provided by the local law or resolution adopted pursuant to this 42 section. Income tax year shall mean the twelve month period for which 43 the owner or owners filed a federal personal income tax return, or if no 44 such return is filed, the calendar year. Where title is vested in either 45 the husband or the wife, their combined income may not exceed such sum, 46 except where the husband or wife, or ex-husband or ex-wife is absent 47 from the property due to divorce, legal separation or abandonment, then 48 only the income of the spouse or ex-spouse residing on the property 49 shall be considered and may not exceed such sum. Such income shall 50 include social security and retirement benefits, interest, dividends, 51 total gain from the sale or exchange of a capital asset which may be 52 offset by a loss from the sale or exchange of a capital asset in the 53 same income tax year, net rental income, salary or earnings, and net 54 income from self-employment, but shall not include a return of capital, 55 gifts, inheritances or monies earned through employment in the federal 56 foster grandparent program and any such income shall be offset by allS. 4628--A 3 1 medical and prescription drug expenses actually paid which were not 2 reimbursed or paid for by insurance, if the governing board of a munici- 3 pality, after a public hearing, adopts a local law or resolution provid- 4 ing therefor. In computing net rental income and net income from self- 5 employment no depreciation deduction shall be allowed for the 6 exhaustion, wear and tear of real or personal property held for the 7 production of income; 8 § 3. This act shall take effect immediately and shall apply to appli- 9 cations made for an exemption pursuant to this act for the city fiscal 10 year commencing in 2017 and all city fiscal years thereafter. Applica- 11 tions received for the city fiscal year commencing in 2017 shall be 12 considered timely if they are filed on or before the one hundred twenti- 13 eth day following the effective date of the local law implementing the 14 provisions of this act.
