Bill Text: NY S05421 | 2023-2024 | General Assembly | Introduced

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

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Bill Title: Relates to raising the income cap for senior citizens applying for the enhanced STAR property tax exemption to $120,000.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2024-03-11 - PRINT NUMBER 5421A [S05421 Detail]

Download: New_York-2023-S05421-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5421

                               2023-2024 Regular Sessions

                    IN SENATE

                                      March 3, 2023
                                       ___________

        Introduced  by  Sen. PALUMBO -- 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  raising  the
          income cap for senior citizens applying for the enhanced STAR property
          tax exemption

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subparagraph (i) of  paragraph  (b)  of  subdivision  4  of
     2  section  425  of  the  real  property tax law is amended by adding a new
     3  clause (B-1) to read as follows:
     4    (B-1) For final assessment rolls to be completed in two thousand twen-
     5  ty-four, eligibility for the exemption shall be based  upon  income  for
     6  the income tax year immediately preceding the date of making application
     7  for the exemption, and the income standard shall be one hundred thousand
     8  dollars.
     9    § 2. This act shall take effect immediately and shall apply to all tax
    10  years commencing on or after it shall have become a law.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00651-01-3