STATE OF NEW YORK
________________________________________________________________________
2568
2017-2018 Regular Sessions
IN SENATE
January 13, 2017
___________
Introduced by Sen. HELMING -- read twice and ordered printed, and when
printed to be committed to the Committee on Aging
AN ACT to amend the real property tax law, in relation to the term
"income" for purposes of the school tax relief exemption
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, a distribution from an account established under
11 section 401(k) or 403(b) of the United States internal revenue code of
12 1986 as amended, or a simplified employee pension plan (SEP) established
13 pursuant to the United States internal revenue code of 1986 as amended;
14 provided that if no such return was filed for the applicable income tax
15 year, "income" shall mean the adjusted gross income that would have been
16 so reported if such a return had been filed.
17 § 2. This act shall take effect on the first of January next succeed-
18 ing 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.
LBD08229-01-7
