STATE OF NEW YORK
________________________________________________________________________
6473
2025-2026 Regular Sessions
IN SENATE
March 14, 2025
___________
Introduced by Sen. CLEARE -- 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 pension income
and tax abatement for rent-controlled and rent regulated property
occupied by senior citizens or persons with disabilities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Clause (B) of subparagraph (ii) of paragraph c of subdivi-
2 sion 1 of section 467-b of the real property tax law, as amended by
3 chapter 276 of the laws of 2023, is amended to read as follows:
4 (B) provided, however, that income may be calculated as the income
5 from all sources after deduction of all income and social security taxes
6 and includes social security and retirement benefits, supplemental secu-
7 rity income and additional state payments, public assistance benefits,
8 interest, dividends, net rental income, salary or earnings, and net
9 income from self-employment, but shall not include gifts or inheritanc-
10 es, payments made to individuals because of their status as victims of
11 Nazi persecution, as defined in federal P.L. 103-286, or increases in
12 benefits accorded pursuant to the social security act or a public or
13 private pension paid to any member of the household [which increase, in
14 any given year, does not exceed the consumer price index (all items
15 United States city average)] for such year which take effect after the
16 date of eligibility of head of the household receiving benefits here-
17 under whether received by the head of the household or any other member
18 of the household, when the following conditions are met:
19 (1) a rent increase exemption order was granted to the head of house-
20 hold prior to July first, two thousand twenty-four;
21 (2) such rent increase exemption order is either renewed after each
22 benefit period or granted pursuant to paragraph (d) of subdivision two
23 of this section to account for a temporary increase in income;
24 (3) income calculated as described in this subparagraph would yield a
25 lower amount than income calculated as described in subparagraph (i) of
26 this paragraph; and
27 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05818-01-5
