Includes distributions to an employer sponsored retirement plan in the definition of "income" for determining eligibility in the school tax relief program (STAR).
STATE OF NEW YORK
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9706
IN ASSEMBLY
February 2, 2018
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Introduced by M. of A. B. MILLER, MORINELLO, CROUCH, RAIA, HAWLEY,
NORRIS, ERRIGO, MONTESANO -- Multi-Sponsored by -- M. of A. CASTORINA,
CURRAN, D. ROSENTHAL -- read once and referred to the Committee on
Real Property Taxation
AN ACT to amend the real property tax law, in relation to an employer
sponsored retirement plan
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (ii) of paragraph (b) of subdivision 4 of
2 section 425 of the real property tax law, as amended by section 3 of
3 part E of chapter 83 of the laws of 2002, is amended to read as follows:
4 (ii) The term "income" as used herein shall mean the "adjusted gross
5 income" for federal income tax purposes as reported on the applicant's
6 federal or state income tax return for the applicable income tax year,
7 subject to any subsequent amendments or revisions, reduced by distrib-
8 utions, to the extent included in federal adjusted gross income,
9 received from an individual retirement account [and], an individual
10 retirement annuity and an employer sponsored retirement plan; provided
11 that if no such return was filed for the applicable income tax year,
12 "income" shall mean the adjusted gross income that would have been so
13 reported if such a return had been filed.
14 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04666-01-7
