Exempts veteran disability payments from inclusion as income of persons sixty-five years of age or over to determine eligibility for a real property tax exemption.
STATE OF NEW YORK
________________________________________________________________________
2277
2011-2012 Regular Sessions
IN ASSEMBLY
January 14, 2011
___________
Introduced by M. of A. ROBINSON, ENGLEBRIGHT, TOWNS, J. RIVERA, SCHROE-
DER -- Multi-Sponsored by -- M. of A. ABBATE, BENEDETTO, BOYLAND,
CAHILL, COLTON, DINOWITZ, FARRELL, GUNTHER, LUPARDO, MARKEY, McENENY,
MILLMAN, PHEFFER, REILLY, WEISENBERG -- read once and referred to the
Committee on Veterans' Affairs
AN ACT to amend the real property tax law, in relation to the senior
citizen exemption and veteran disability compensation
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, as may be provided by the local law, ordinance or resolution
13 adopted pursuant to this section. Income tax year shall mean the twelve
14 month period for which the owner or owners filed a federal personal
15 income tax return, or if no such return is filed, the calendar year.
16 Where title is vested in either the husband or the wife, their combined
17 income may not exceed such sum, except where the husband or wife, or
18 ex-husband or ex-wife is absent from the property as provided in subpar-
19 agraph (ii) of paragraph (d) of this subdivision, then only the income
20 of the spouse or ex-spouse residing on the property shall be considered
21 and may not exceed such sum. Such income shall include social security
22 and retirement benefits, interest, dividends, total gain from the sale
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00255-01-1
A. 2277 2
1 or exchange of a capital asset which may be offset by a loss from the
2 sale or exchange of a capital asset in the same income tax year, net
3 rental income, salary or earnings, and net income from self-employment,
4 but shall not include a return of capital, gifts, inheritances, veteran
5 disability compensation, as defined in Title 38 of the United States
6 Code, payments made to individuals because of their status as victims of
7 Nazi persecution, as defined in P.L. 103-286 or monies earned through
8 employment in the federal foster grandparent program and any such income
9 shall be offset by all medical and prescription drug expenses actually
10 paid which were not reimbursed or paid for by insurance, if the govern-
11 ing board of a municipality, after a public hearing, adopts a local law,
12 ordinance or resolution providing therefor. Furthermore, such income
13 shall not include the proceeds of a reverse mortgage, as authorized by
14 section six-h of the banking law, and sections two hundred eighty and
15 two hundred eighty-a of the real property law; provided, however, that
16 monies used to repay a reverse mortgage may not be deducted from income,
17 and provided additionally that any interest or dividends realized from
18 the investment of reverse mortgage proceeds shall be considered income.
19 The provisions of this paragraph notwithstanding, such income shall not
20 include veterans disability compensation, as defined in Title 38 of the
21 United States Code provided the governing board of such municipality,
22 after public hearing, adopts a local law, ordinance or resolution
23 providing therefor. In computing net rental income and net income from
24 self-employment no depreciation deduction shall be allowed for the
25 exhaustion, wear and tear of real or personal property held for the
26 production of income;
27 § 2. This act shall take effect immediately and shall apply to those
28 assessment rolls having a taxable status date on or after January first
29 of the year next succeeding the year in which it shall have become a
30 law.
