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A02124 Summary:

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A02124 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2124
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 9, 2013
                                       ___________
 
        Introduced  by M. of A. SIMOTAS, MONTESANO, COLTON, MILLER, MALLIOTAKIS,
          HOOPER -- Multi-Sponsored by -- M. of A. PALMESANO, RAIA -- read  once
          and referred to the Committee on Veterans' Affairs
 
        AN  ACT  to  amend  the real property tax law, in relation to increasing
          exemption for veterans
 

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.    Paragraph 2 of subdivision 1 of section 458 of the real
     2  property tax law, as amended by chapter 488 of  the  laws  of  1998,  is
     3  amended to read as follows:
     4    (2)  Except  as  provided in subdivision five of this section, no such
     5  exemption on account of eligible funds paid on account  of  military  or
     6  naval  services  rendered by an individual shall be allowed in excess of
     7  [five] seven thousand five hundred dollars. For  the  purposes  of  this
     8  subdivision any established exemption, or newly claimed exemption, or an
     9  aggregate  thereof,  as  the  case  may be, in excess of any multiple of
    10  fifty dollars shall be regarded as being the nearest multiple  of  fifty

    11  dollars  and allowed in such amount. If the amount of such exemption has
    12  no nearest multiple of fifty dollars, it shall be regarded as being  the
    13  next  higher  multiple  of fifty dollars and allowed in such amount. The
    14  mingling of such eligible funds with other funds or their  retention  by
    15  the United States for insurance premiums shall not bar the granting of a
    16  claim for such exemption.
    17    §  2.  This act shall take effect on the first of July 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.
                                                                   LBD01852-01-3