Changes the value of real estate to qualify for income tax circuit breaker credit from a full value which exceeds $85,000 to a full value which exceeds the median sale price of the county in which the real property is located or $85,000, whichever is greater.
STATE OF NEW YORK
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1483
2017-2018 Regular Sessions
IN ASSEMBLY
January 12, 2017
___________
Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the
Committee on Aging
AN ACT to amend the tax law, in relation to the determination of the
value of real estate for purposes of qualifying for the personal
income tax real property tax circuit breaker credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (C) of paragraph 7 of subsection (e) of
2 section 606 of the tax law, as amended by chapter 28 of the laws of
3 1987, is amended to read as follows:
4 (C) To a property owner who owns real property, the full value of
5 which exceeds eighty-five thousand dollars or the median sales price of
6 real property in the county in which the real property is located,
7 whichever is greater, as determined by the commissioner.
8 § 2. This act shall take effect immediately and shall apply to taxable
9 years commencing on or after January 1, 2017.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03354-01-7
