A05665 Summary:

BILL NOA05665
 
SAME ASNo Same As
 
SPONSOREnglebright
 
COSPNSRSchimminger
 
MLTSPNSR
 
Amd 606, Tax L
 
Increases the income eligibility levels for the real property tax circuit breaker credit for taxable years beginning on and after January 1, 2020 to $25,000; increases the maximum credit available from a credit of one hundred fifty dollars for the highest income bracket to six hundred fifty dollars for the lowest income bracket.
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A05665 Actions:

BILL NOA05665
 
02/14/2019referred to ways and means
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A05665 Committee Votes:

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A05665 Floor Votes:

There are no votes for this bill in this legislative session.
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A05665 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5665
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 14, 2019
                                       ___________
 
        Introduced  by  M.  of  A.  ENGLEBRIGHT,  SCHIMMINGER  --  read once and
          referred to the Committee on Ways and Means
 
        AN ACT to amend the tax law, in  relation  to  increasing  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.  Paragraph 2 and the paragraph heading of  paragraph  3  of
     2  subsection  (e)  of section 606 of the tax law, as amended by chapter 28
     3  of the laws of 1987, are amended to read as follows:
     4    (2) A qualified taxpayer shall be allowed  a  credit  as  provided  in
     5  paragraph three hereof for taxable years beginning before January first,
     6  two  thousand  twenty  and  in  paragraph three-a of this subsection for
     7  taxable years beginning on or after January first, two  thousand  twenty
     8  against the taxes imposed by this article reduced by the credits permit-
     9  ted  by  this  article.  If the credit exceeds the tax as so reduced for
    10  such year under this article the qualified taxpayer may receive, and the
    11  comptroller, subject to a certificate  of  the  [state  tax  commission]
    12  commissioner,  shall pay as an overpayment, without interest, any excess
    13  between such tax as so reduced and the amount of the credit. If a quali-
    14  fied taxpayer is not required to file a return pursuant to  section  six
    15  hundred fifty-one of this article, a qualified taxpayer may nevertheless
    16  receive  and the comptroller, subject to a certificate of the [state tax
    17  commission] commissioner, shall pay as an overpayment the full amount of
    18  the credit, without interest.
    19    Determination of credit for taxable  years  beginning  before  January
    20  first, two thousand twenty.
    21    § 2. Subsection (e) of section 606 of the tax law is amended by adding
    22  a new paragraph 3-a to read as follows:
    23    (3-a)  Determination of credit for taxable years beginning on or after
    24  January first, two thousand twenty.   (A) For  qualified  taxpayers  who
    25  have  attained    the age of sixty-five years before the beginning of or
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09514-01-9

        A. 5665                             2
 
     1  during the taxable year the amount of the credit  allowable  under  this
     2  subsection shall be fifty percent, or in the case of a qualified taxpay-
     3  er  who has elected to include an additional amount pursuant to subpara-
     4  graph  (E)  of paragraph one of this subsection, twenty-five percent, of
     5  the excess of real property taxes or the excess  of  real  property  tax
     6  equivalent determined as follows:
     7                                    Excess real property taxes are the
     8                                    excess of real property tax equivalent
     9                                    or the excess of qualifying real
    10     If household gross income      property taxes over the following
    11     for the taxable year is:       base amount:

    12     $5,000 or less                                  $  0
    13     Over $5,000 but not over $9,000                 $100
    14     Over $9,000 but not over $13,000                $270
    15     Over $13,000 but not over $17,000               $520
    16     Over $17,000 but not over $21,000               $850
    17     Over $21,000 but not over $25,000              $1260
    18    Notwithstanding  the  foregoing  provisions, the maximum credit deter-
    19  mined under this subparagraph may not exceed the  amount  determined  in
    20  accordance with the following table:
    21     If household gross income
    22     for the taxable year is:               The maximum credit is:
 
    23     $5,000 or less                                 $650
    24     Over $5,000 but not over $9,000                $550
    25     Over $9,000 but not over $13,000               $450
    26     Over $13,000 but not over $17,000              $350
    27     Over $17,000 but not over $21,000              $250
    28     Over $21,000 but not over $25,000              $150
    29    (B)  For all other qualified taxpayers the amount of the credit allow-
    30  able under this subsection shall be fifty percent of excess real proper-
    31  ty taxes or the excess of the real property tax equivalent determined as
    32  follows:
    33                                    Excess real property taxes are
    34                                    the excess of real property tax
    35      If household gross            equivalent or the excess of
    36      income for the                qualifying real property taxes over
    37      taxable year is:              the following base amount:
 
    38      $5,000 or less                                 $  0
    39      Over $5,000 but not over $9,000                $100
    40      Over $9,000 but not over $13,000               $270
    41      Over $13,000 but not over $17,000              $520
    42      Over $17,000 but not over $21,000              $850
    43      Over $21,000 but not over $25,000             $1260
    44    Notwithstanding the foregoing provisions, the  maximum  credit  deter-
    45  mined  under  this  subparagraph may not exceed the amount determined in
    46  accordance with the following table:
    47     If household gross income
    48     for the taxable year is:               The maximum credit is:
 
    49     $5,000 or less                                 $260
    50     Over $5,000 but not over $9,000                $225
    51     Over $9,000 but not over $13,000               $180
    52     Over $13,000 but not over $17,000              $145

        A. 5665                             3

     1     Over $17,000 but not over $21,000              $110
     2     Over $21,000 but not over $25,000              $ 75
     3    §  3.  Paragraph 7 of subsection (e) of section 606 of the tax law, as
     4  amended by chapter 28 of the  laws  of  1987,  is  amended  to  read  as
     5  follows:
     6    (7)  No credit shall be granted under this subsection:
     7    (A)  If household gross income for the taxable year exceeds [eighteen]
     8  twenty-five thousand dollars.
     9    (B) To a property owner unless:  (i) the property is used for residen-
    10  tial purposes, (ii) not more than twenty percent of the  rental  income,
    11  if any, from the property is from rental for nonresidential purposes and
    12  (iii) the property is occupied as a residence in whole or in part by one
    13  or more of the owners of the property.
    14    (C)  To  a  property owner who owns real property, the [full] value of
    15  which exceeds: (i) eighty-five thousand dollars; or (ii) an amount which
    16  equals seventy-five percent of the average home value in the  county  of
    17  residence, whichever is more.
    18    (D)  [To  a tenant if the adjusted rent for the residence exceeds four
    19  hundred fifty dollars per month on average.
    20    (E)]  To  an  individual  with  respect  to  whom  a  deduction  under
    21  subsection  (c) of section one hundred fifty-one of the internal revenue
    22  code is allowable to another taxpayer for the taxable year.
    23    [(F)] (E) With respect to a residence that  is  wholly  exempted  from
    24  real property taxation.
    25    [(G)]  (F)  To  an  individual who is not a resident individual of the
    26  state for the entire taxable year.
    27    § 4. Paragraph 13 of subsection (e) of section 606 of the tax law,  as
    28  amended  by  chapter  28  of  the  laws  of  1987, is amended to read as
    29  follows:
    30    (13) The credit allowed under this subsection shall be made  available
    31  on  all returns prescribed by the commissioner for the administration of
    32  the  taxes  imposed  under  this  article.  Notwithstanding  any   other
    33  provision  of  this  article,  the  credit allowed under this subsection
    34  shall be determined after the determination and application of any other
    35  credits permitted under the provisions of this article.
    36    § 5.  This act shall take effect immediately.
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