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S04628 Summary:

S04628 Actions:

S04628 Committee Votes:

S04628 Floor Votes:

S04628 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4628--A
            Cal. No. 379
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    February 23, 2017
                                       ___________
 
        Introduced  by  Sens. SAVINO, HOYLMAN, PERALTA -- read twice and ordered
          printed, and when printed to be committed to the Committee on Aging --
          reported favorably from said committee, ordered to  first  and  second
          report,  ordered  to  a  third reading, amended and ordered reprinted,
          retaining its place in the order of third reading
 
        AN ACT to amend the real property tax law, in relation to increasing the
          allowable maximum income of certain persons otherwise eligible for tax
          abatement in certain cases
 
          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 259 of  the  laws  of  2009,  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  [and]  twenty-nine  thousand  dollars beginning July first, two thousand
    12  nine, and in a city with a population of one million or more fifty thou-
    13  sand dollars beginning July first, two thousand  seventeen,  as  may  be
    14  provided  by  the local law, ordinance or resolution adopted pursuant to
    15  this section. Income tax year shall mean the  twelve  month  period  for
    16  which the owner or owners filed a federal personal income tax return, or
    17  if no such return is filed, the calendar year.  Where title is vested in
    18  either  the  husband  or  the wife, their combined income may not exceed
    19  such sum, except where the husband or wife, or ex-husband or ex-wife  is
    20  absent  from  the property as provided in subparagraph (ii) of paragraph
    21  (d) of this subdivision, then only the income of the spouse or ex-spouse
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09852-05-7
        S. 4628--A                          2
 
     1  residing on the property shall be considered and  may  not  exceed  such
     2  sum.  Such income shall include social security and retirement benefits,
     3  interest, dividends, total gain from the sale or exchange of  a  capital
     4  asset which may be offset by a loss from the sale or exchange of a capi-
     5  tal  asset  in  the  same  income tax year, net rental income, salary or
     6  earnings, and net income from self-employment, but shall not  include  a
     7  return  of  capital,  gifts,  inheritances, payments made to individuals
     8  because of their status as victims of Nazi persecution,  as  defined  in
     9  P.L.  103-286  or monies earned through employment in the federal foster
    10  grandparent program and any such income shall be offset by  all  medical
    11  and  prescription  drug expenses actually paid which were not reimbursed
    12  or paid for by insurance, if the  governing  board  of  a  municipality,
    13  after  a  public  hearing,  adopts  a local law, ordinance or resolution
    14  providing therefor.   Furthermore, such income  shall  not  include  the
    15  proceeds  of  a  reverse mortgage, as authorized by section six-h of the
    16  banking law, and sections two hundred eighty and two hundred eighty-a of
    17  the real property law; provided, however, that monies used  to  repay  a
    18  reverse  mortgage  may  not  be deducted from income, and provided addi-
    19  tionally that any interest or dividends realized from the investment  of
    20  reverse  mortgage proceeds shall be considered income. The provisions of
    21  this paragraph notwithstanding, such income shall not  include  veterans
    22  disability  compensation,  as  defined  in Title 38 of the United States
    23  Code provided the governing board of  such  municipality,  after  public
    24  hearing, adopts a local law, ordinance or resolution providing therefor.
    25  In  computing  net  rental income and net income from self-employment no
    26  depreciation deduction shall be allowed for  the  exhaustion,  wear  and
    27  tear of real or personal property held for the production of income;
    28    § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop-
    29  erty  tax law, as separately amended by chapters 187 and 252 of the laws
    30  of 2006, is amended to read as follows:
    31    (a) if the income of the owner or the combined income of the owners of
    32  the property for the income tax year immediately preceding the  date  of
    33  making  application  for  exemption  exceeds  the  sum of three thousand
    34  dollars, or such other sum not less than three thousand dollars nor more
    35  than twenty-six thousand dollars beginning July first, two thousand six,
    36  twenty-seven thousand dollars beginning July first, two thousand  seven,
    37  twenty-eight  thousand dollars beginning July first, two thousand eight,
    38  [and] twenty-nine thousand dollars beginning July  first,  two  thousand
    39  nine, and in a city with a population of one million or more fifty thou-
    40  sand  dollars  beginning  July  first, two thousand seventeen, as may be
    41  provided by the  local  law  or  resolution  adopted  pursuant  to  this
    42  section.  Income  tax  year shall mean the twelve month period for which
    43  the owner or owners filed a federal personal income tax return, or if no
    44  such return is filed, the calendar year. Where title is vested in either
    45  the husband or the wife, their combined income may not exceed such  sum,
    46  except  where  the  husband  or wife, or ex-husband or ex-wife is absent
    47  from the property due to divorce, legal separation or abandonment,  then
    48  only  the  income  of  the  spouse or ex-spouse residing on the property
    49  shall be considered and may not  exceed  such  sum.  Such  income  shall
    50  include  social  security  and retirement benefits, interest, dividends,
    51  total gain from the sale or exchange of a capital  asset  which  may  be
    52  offset  by  a  loss  from the sale or exchange of a capital asset in the
    53  same income tax year, net rental income, salary  or  earnings,  and  net
    54  income  from self-employment, but shall not include a return of capital,
    55  gifts, inheritances or monies earned through employment in  the  federal
    56  foster  grandparent  program  and any such income shall be offset by all
        S. 4628--A                          3
 
     1  medical and prescription drug expenses  actually  paid  which  were  not
     2  reimbursed or paid for by insurance, if the governing board of a munici-
     3  pality, after a public hearing, adopts a local law or resolution provid-
     4  ing  therefor.  In computing net rental income and net income from self-
     5  employment  no  depreciation  deduction  shall  be   allowed   for   the
     6  exhaustion,  wear  and  tear  of  real or personal property held for the
     7  production of income;
     8    § 3. This act shall take effect immediately and shall apply to  appli-
     9  cations  made  for an exemption pursuant to this act for the city fiscal
    10  year commencing in 2017 and all city fiscal years  thereafter.  Applica-
    11  tions  received  for  the  city  fiscal year commencing in 2017 shall be
    12  considered timely if they are filed on or before the one hundred twenti-
    13  eth day following the effective date of the local law  implementing  the
    14  provisions of this act.