S07472 Summary:

BILL NOS07472
 
SAME ASNo same as
 
SPONSORNOZZOLIO
 
COSPNSR
 
MLTSPNSR
 
Amd S425, RPT L
 
Relates to the term "income" for purposes of the school tax relief exemption.
Go to top    

S07472 Actions:

BILL NOS07472
 
05/15/2014REFERRED TO LOCAL GOVERNMENT
Go to top

S07472 Floor Votes:

There are no votes for this bill in this legislative session.
Go to top

S07472 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7472
 
                    IN SENATE
 
                                      May 15, 2014
                                       ___________
 
        Introduced  by Sen. NOZZOLIO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT to amend the real property tax  law,  in  relation  to  the  term
          "income" for purposes of the school tax relief 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
    10  retirement annuity, a distribution from  an  account  established  under
    11  section  401(k)  or 403(b) of the United States internal revenue code of

    12  1986 as amended, or a simplified employee pension plan (SEP) established
    13  pursuant to the United States internal revenue code of 1986 as  amended;
    14  provided  that if no such return was filed for the applicable income tax
    15  year, "income" shall mean the adjusted gross income that would have been
    16  so reported if such a return had been filed.
    17    § 2. This act shall take effect on the first of January next  succeed-
    18  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.
                                                                   LBD14422-01-4
Go to top