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A06060 Summary:

BILL NOA06060
 
SAME ASNo Same As
 
SPONSORRa
 
COSPNSRBrown K
 
MLTSPNSR
 
Amd §§467 & 459-c, RPT L
 
Increases allowable maximum income of certain persons otherwise eligible for tax abatement in the county of Nassau.
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A06060 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6060
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                      March 8, 2021
                                       ___________
 
        Introduced  by M. of A. RA -- read once and referred to the Committee on
          Aging
 
        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 separately amended by chapters 131 and 279  of  the
     3  laws of 2017, is 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  twenty-nine  thousand  dollars  beginning July first, two thousand nine,
    12  [and] in a city with a population of one million or more fifty  thousand
    13  dollars  beginning  July  first, two thousand seventeen, and in a county
    14  with a population of between one million and one  million  four  hundred
    15  thousand  as  of the last decennial census fifty thousand dollars begin-
    16  ning July first, two thousand twenty-one, as  may  be  provided  by  the
    17  local  law,  ordinance  or  resolution adopted pursuant to this section.
    18  Income tax year shall mean the twelve month period for which  the  owner
    19  or  owners  filed  a  federal  personal income tax return, or if no such
    20  return is filed, the calendar year. Where title is vested in either  the
    21  husband  or  the  wife,  their  combined income may not exceed such sum,
    22  except where the husband or wife, or ex-husband  or  ex-wife  is  absent
    23  from  the  property as provided in subparagraph (ii) of paragraph (d) of
    24  this subdivision, then only the income of the spouse or ex-spouse resid-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06267-02-1

        A. 6060                             2
 
     1  ing on the property shall be considered and may  not  exceed  such  sum.
     2  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. In addition, an exchange of an annuity for an annui-
    15  ty contract, which  resulted  in  non-taxable  gain,  as  determined  in
    16  section  one thousand thirty-five of the internal revenue code, shall be
    17  excluded from such income. Provided that such exclusion shall  be  based
    18  on satisfactory proof that such an exchange was solely an exchange of an
    19  annuity  for an annuity contract that resulted in a non-taxable transfer
    20  determined by such section of the internal  revenue  code.  Furthermore,
    21  such  income  shall  not  include the proceeds of a reverse mortgage, as
    22  authorized by section six-h of the banking law, and sections two hundred
    23  eighty and two hundred eighty-a of  the  real  property  law;  provided,
    24  however,  that  monies  used  to  repay  a  reverse  mortgage may not be
    25  deducted from income, and provided additionally  that  any  interest  or
    26  dividends  realized  from  the  investment  of reverse mortgage proceeds
    27  shall be considered income. The provisions of  this  paragraph  notwith-
    28  standing,  such  income  shall  not  include veterans disability compen-
    29  sation, as defined in Title 38 of the United States  Code  provided  the
    30  governing  board  of  such  municipality, after public hearing, adopts a
    31  local law, ordinance or resolution providing therefor. In computing  net
    32  rental  income  and  net  income  from  self-employment  no depreciation
    33  deduction shall be allowed for the exhaustion, wear and tear of real  or
    34  personal property held for the production of income;
    35    § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop-
    36  erty  tax law, as amended by chapter 131 of the laws of 2017, is amended
    37  to read as follows:
    38    (a) if the income of the owner or the combined income of the owners of
    39  the property for the income tax year immediately preceding the  date  of
    40  making  application  for  exemption  exceeds  the  sum of three thousand
    41  dollars, or such other sum not less than three thousand dollars nor more
    42  than twenty-six thousand dollars beginning July first, two thousand six,
    43  twenty-seven thousand dollars beginning July first, two thousand  seven,
    44  twenty-eight  thousand dollars beginning July first, two thousand eight,
    45  twenty-nine thousand dollars beginning July first,  two  thousand  nine,
    46  [and]  in a city with a population of one million or more fifty thousand
    47  dollars beginning July first, two thousand seventeen, and  in  a  county
    48  with  a  population  of between one million and one million four hundred
    49  thousand as of the last decennial census fifty thousand  dollars  begin-
    50  ning  July  first,  two  thousand  twenty-one, as may be provided by the
    51  local law or resolution adopted pursuant to  this  section.  Income  tax
    52  year  shall  mean  the twelve month period for which the owner or owners
    53  filed a federal personal income tax return, or  if  no  such  return  is
    54  filed, the calendar year. Where title is vested in either the husband or
    55  the  wife,  their  combined income may not exceed such sum, except where
    56  the husband or wife, or ex-husband or ex-wife is absent from the proper-

        A. 6060                             3
 
     1  ty due to divorce, legal separation or abandonment, then only the income
     2  of the spouse or ex-spouse residing on the property shall be  considered
     3  and  may  not exceed such sum. Such income shall include social security
     4  and  retirement  benefits, interest, dividends, total gain from the sale
     5  or exchange of a capital asset which may be offset by a  loss  from  the
     6  sale  or  exchange  of  a capital asset in the same income tax year, net
     7  rental income, salary or earnings, and net income from  self-employment,
     8  but shall not include a return of capital, gifts, inheritances or monies
     9  earned  through employment in the federal foster grandparent program and
    10  any such income shall be offset by all  medical  and  prescription  drug
    11  expenses  actually  paid which were not reimbursed or paid for by insur-
    12  ance, if the governing board of a municipality, after a public  hearing,
    13  adopts  a  local  law or resolution providing therefor. In computing net
    14  rental income  and  net  income  from  self-employment  no  depreciation
    15  deduction  shall be allowed for the exhaustion, wear and tear of real or
    16  personal property held for the production of income;
    17    § 3. This act shall take effect immediately and shall apply to  appli-
    18  cations made for an exemption pursuant to this act for the county fiscal
    19  year  commencing in 2021 and all county fiscal years thereafter.  Appli-
    20  cations received for the county fiscal year commencing in 2021 shall  be
    21  considered timely if they are filed on or before the one hundred twenti-
    22  eth  day  following the effective date of the local law implementing the
    23  provisions of this act.
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