Relates to municipal corporations within counties having a population of between three hundred thirty-five thousand and three hundred forty thousand, or with a population of one million or more, according to the last decennial census.
STATE OF NEW YORK
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6324--A
2021-2022 Regular Sessions
IN ASSEMBLY
March 12, 2021
___________
Introduced by M. of A. GALEF, PAULIN, ABINANTI, LAVINE, ENGLEBRIGHT,
JEAN-PIERRE, MONTESANO, SAYEGH -- Multi-Sponsored by -- M. of A.
THIELE -- read once and referred to the Committee on Aging -- recom-
mitted to the Committee on Aging in accordance with Assembly Rule 3,
sec. 2 -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the real property tax law, in relation to municipal
corporations within counties having a population of between three
hundred thirty-five thousand and three hundred forty thousand, or with
a population of one million or more
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of subdivision 3 of section 467 of the real
2 property tax law, as amended by chapter 558 of the laws of 2021, is
3 amended to read as follows:
4 (a) if the income of the owner or the combined income of the owners of
5 the property for the income tax year immediately preceding the date of
6 making application for exemption exceeds the sum of three thousand
7 dollars, or such other sum not less than three thousand dollars nor more
8 than twenty-six thousand dollars beginning July first, two thousand six,
9 twenty-seven thousand dollars beginning July first, two thousand seven,
10 twenty-eight thousand dollars beginning July first, two thousand eight,
11 twenty-nine thousand dollars beginning July first, two thousand nine,
12 [and] in a city with a population of one million or more fifty thousand
13 dollars beginning July first, two thousand seventeen, and in a municipal
14 corporation within a county with a population between three hundred
15 thirty-five thousand and three hundred forty thousand, or with a popu-
16 lation of one million or more, according to the last decennial census,
17 fifty thousand dollars beginning July first, two thousand twenty-two, as
18 may be provided by the local law, ordinance or resolution adopted pursu-
19 ant to this section. Where the taxable status date is on or before April
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10378-02-2
A. 6324--A 2
1 fourteenth, income tax year shall mean the twelve-month period for which
2 the owner or owners filed a federal personal income tax return for the
3 year before the income tax year immediately preceding the date of appli-
4 cation and where the taxable status date is on or after April fifteenth,
5 income tax year shall mean the twelve-month period for which the owner
6 or owners filed a federal personal income tax return for the income tax
7 year immediately preceding the date of application. Where title is vest-
8 ed in either the husband or the wife, their combined income may not
9 exceed such sum, except where the husband or wife, or ex-husband or
10 ex-wife is absent from the property as provided in subparagraph (ii) of
11 paragraph (d) of this subdivision, then only the income of the spouse or
12 ex-spouse residing on the property shall be considered and may not
13 exceed such sum. Such income shall include social security and retire-
14 ment benefits, interest, dividends, total gain from the sale or exchange
15 of a capital asset which may be offset by a loss from the sale or
16 exchange of a capital asset in the same income tax year, net rental
17 income, salary or earnings, and net income from self-employment, but
18 shall not include a return of capital, gifts, inheritances, payments
19 made to individuals because of their status as victims of Nazi perse-
20 cution, as defined in P.L. 103-286 or monies earned through employment
21 in the federal foster grandparent program and any such income shall be
22 offset by all medical and prescription drug expenses actually paid which
23 were not reimbursed or paid for by insurance, if the governing board of
24 a municipality, after a public hearing, adopts a local law, ordinance or
25 resolution providing therefor. In addition, an exchange of an annuity
26 for an annuity contract, which resulted in non-taxable gain, as deter-
27 mined in section one thousand thirty-five of the internal revenue code,
28 shall be excluded from such income. Provided that such exclusion shall
29 be based on satisfactory proof that such an exchange was solely an
30 exchange of an annuity for an annuity contract that resulted in a non-
31 taxable transfer determined by such section of the internal revenue
32 code. Furthermore, such income shall not include the proceeds of a
33 reverse mortgage, as authorized by section six-h of the banking law, and
34 sections two hundred eighty and two hundred eighty-a of the real proper-
35 ty law; provided, however, that monies used to repay a reverse mortgage
36 may not be deducted from income, and provided additionally that any
37 interest or dividends realized from the investment of reverse mortgage
38 proceeds shall be considered income. The provisions of this paragraph
39 notwithstanding, such income shall not include veterans disability
40 compensation, as defined in Title 38 of the United States Code provided
41 the governing board of such municipality, after public hearing, adopts a
42 local law, ordinance or resolution providing therefor. In computing net
43 rental income and net income from self-employment no depreciation
44 deduction shall be allowed for the exhaustion, wear and tear of real or
45 personal property held for the production of income;
46 § 2. This act shall take effect immediately.
