A05484 Summary:

BILL NOA05484
 
SAME ASNo Same As
 
SPONSORSchmitt
 
COSPNSRGoodell, Byrnes, Ashby, Walczyk, Palmesano, McDonough, DeStefano, Miller ML
 
MLTSPNSRManktelow
 
Amd 606, Tax L
 
Increases the property tax relief credit.
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A05484 Actions:

BILL NOA05484
 
02/12/2019referred to ways and means
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A05484 Committee Votes:

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A05484 Floor Votes:

There are no votes for this bill in this legislative session.
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A05484 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5484
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 12, 2019
                                       ___________
 
        Introduced  by M. of A. SCHMITT -- read once and referred to the Commit-
          tee on Ways and Means
 
        AN ACT to amend the tax law, in relation to increasing the property  tax
          relief credit
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1.  Paragraph 3 of subsection (n-1) of section 606 of the  tax
     2  law,  as  added by section 1 of subpart B of part C of chapter 20 of the
     3  laws of 2015, is amended to read as follows:
     4    (3) Amount of credit. (a) For the two thousand  sixteen  taxable  year
     5  (i)  for  a taxpayer residing in real property located within the metro-
     6  politan commuter transportation district (MCTD) and outside the city  of
     7  New  York,  the  amount of the credit shall be $130; (ii) for a taxpayer
     8  residing in real property located outside the MCTD, the  amount  of  the
     9  credit shall be $185.
    10    (b)  For  the  two  thousand  seventeen, two thousand eighteen and two
    11  thousand nineteen taxable years [(i) For] for a taxpayer who  owned  and
    12  primarily  resided  in real property receiving the basic STAR exemption,
    13  the amount of the credit shall equal the  STAR  tax  savings  associated
    14  with  such basic STAR exemption, multiplied by the following percentage;
    15  provided that in no case shall the credit determined be  less  than  two
    16  hundred dollars:
    17    (A) for the two thousand seventeen taxable year:
    18  Qualified Gross Income                  Percentage
    19  Not over $75,000                        28%
    20  Over $75,000 but not over $150,000      20.5%
    21  Over $150,000 but not over $200,000     13%
    22  Over $200,000 but not over $275,000     5.5%
    23  Over $275,000                           No credit
    24    (B) for the two thousand eighteen taxable year:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07814-01-9

        A. 5484                             2
 
     1  Qualified Gross Income                  Percentage
     2  Not over $75,000                        60%
     3  Over $75,000 but not over $150,000      42.5%
     4  Over $150,000 but not over $200,000     25%
     5  Over $200,000 but not over $275,000     7.5%
     6  Over $275,000                           No credit
     7    (C) for the two thousand nineteen taxable year and thereafter:
     8  Qualified Gross Income                  Percentage
     9  Not over $75,000                        [85%] 100%
    10  Over $75,000 but not over $150,000      [60%] 75%
    11  Over $150,000 but not over $200,000     [35%] 43.75%
    12  Over $200,000 but not over $275,000     [10%] 12.5%
    13  Over $275,000                           No credit
    14    (c)  For  a  taxpayer who owned and primarily resided in real property
    15  receiving the enhanced STAR exemption, the amount of  the  credit  shall
    16  equal the STAR tax savings associated with such enhanced STAR exemption,
    17  multiplied  by  the following percentage; provided that in no case shall
    18  the credit determined be less than two hundred dollars:
    19  Taxable Year                            Percentage
    20  two thousand seventeen                  12%
    21  two thousand eighteen                   26%
    22  two thousand nineteen and thereafter    [34%] 42.5%
    23    (d) In no case may  the  amount  of  the  credit  allowed  under  this
    24  subsection  exceed  the  school  district  taxes due with respect to the
    25  residence for that school year.
    26    § 2. This act shall take effect on the first of January next  succeed-
    27  ing  the  date  on  which  it shall have become a law and shall apply to
    28  assessment rolls prepared on the basis of taxable status dates occurring
    29  on or after such date.
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