Bill Text: NY S06058 | 2017-2018 | General Assembly | Introduced

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

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Bill Title: Includes distribution from a thrift savings plan in the definition of income in relation to the enhanced STAR exemption.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-06-05 - REPORTED AND COMMITTED TO RULES [S06058 Detail]

Download: New_York-2017-S06058-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6058
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 10, 2017
                                       ___________
        Introduced  by  Sen.  GOLDEN -- 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 in relation to the enhanced STAR 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  3  of
     3  part E of chapter 83 of the laws of 2002, 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 retire-
    10  ment annuity, and distribution from a thrift  savings  plan  established
    11  prior  to  January first, nineteen hundred eighty-four; provided that if
    12  no such return was filed for the applicable income  tax  year,  "income"
    13  shall mean the adjusted gross income that would have been so reported if
    14  such a return had been filed.
    15    §  2. This act shall take effect on the first of January next succeed-
    16  ing the date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10949-02-7