Provides for the reduction of federal adjusted gross income for state personal income tax purposes by excluding an amount representing the rental value of that portion of the taxpayer's home set aside as the living quarters of the parent of the taxpayer or his spouse; provides that when the taxpayer owns his home that amount will be the amount equal to the depreciation of that portion of the taxpayer's home; requires that during the taxable year such parent must be sixty-two years of age or older, reside with the taxpayer at least 6 months a year and pay no rent and such parent qualifies as an exemption of the taxpayer.
STATE OF NEW YORK
________________________________________________________________________
6567
2011-2012 Regular Sessions
IN ASSEMBLY
March 22, 2011
___________
Introduced by M. of A. MARKEY, MILLMAN, SCHROEDER, PEOPLES-STOKES --
Multi-Sponsored by -- M. of A. GALEF, V. LOPEZ, PHEFFER, WEISENBERG,
WRIGHT -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to modifications reducing
federal adjusted gross income for purposes of tax on personal income
by rental value of residence set aside as living quarters for parent
of taxpayer in certain cases
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (c) of section 612 of the tax law is amended
2 by adding a new paragraph 39 to read as follows:
3 (39) An amount representing the rental value of that portion of a
4 taxpayer's home set aside as the living quarters of a parent of such
5 taxpayer or such parent's spouse where the taxpayer rents his or her
6 home or, where the taxpayer owns his or her home, an amount equal to the
7 depreciation on that portion of the taxpayer's home set aside as the
8 living quarters of a parent of such taxpayer or such parent's spouse,
9 provided, that in either case such parent:
10 (A) is sixty-two years of age or older during the taxable year;
11 (B) qualifies as an exemption of the taxpayer for the taxable year
12 for federal income tax purposes;
13 (C) resides with the taxpayer during the taxable year for a minimum
14 of six months; and
15 (D) pays no rent to the taxpayer during the taxable year.
16 § 2. This act shall take effect immediately and shall apply to taxa-
17 ble years beginning on and after the first of January next succeeding
18 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.
LBD09706-01-1
