STATE OF NEW YORK
________________________________________________________________________
6970
2017-2018 Regular Sessions
IN SENATE
December 13, 2017
___________
Introduced by Sen. PERALTA -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend the tax law, in relation to the real property tax
circuit breaker personal income tax credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraphs 3 and 7 of subsection (e) of section 606 of the
2 tax law, as amended by chapter 28 of the laws of 1987, are amended to
3 read as follows:
4 (3) Determination of credit. (A) For qualified taxpayers who have
5 attained the age of sixty-five years before the beginning of or during
6 the taxable year the amount of the credit allowable under this
7 subsection shall be fifty percent, or in the case of a qualified taxpay-
8 er who has elected to include an additional amount pursuant to subpara-
9 graph (E) of paragraph one of this subsection, twenty-five percent, of
10 the excess of real property taxes or the excess of real property tax
11 equivalent determined as follows:
12 Excess real property taxes are the
13 excess of real property tax equiv-
14 alent or the excess of qualifying
15 real property taxes over the fo-
16 If household gross income for the llowing percentage of household
17 taxable year is: gross income:
18 ----------------------------------- -----------------------------------
19 [$3,000] $10,000 or less 3 1/2
20 Over $10,000 but not over $15,0003
21 Over [$3,000] $15,000 but not over
22 [$5,000] $25,000 4
23 Over [$5,000] $25,000 but not over
24 [$7,000] $35,000 4 1/2
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13933-01-7
S. 6970 2
1 Over [$7,000] $35,000 but not over
2 [$9,000] $45,000 5
3 Over [$9,000] $45,000 but not over
4 [$11,000] $50,000 5 1/2
5 Over [$11,000] $50,000 but not over
6 [$14,000] $60,000 6
7 Over [$14,000] $60,000 but not over
8 [$18,000] $75,000 6 1/2
9 Notwithstanding the foregoing provisions, the maximum credit deter-
10 mined under this subparagraph may not exceed the amount determined in
11 accordance with the following table:
12 If household gross income for the
13 taxable year is: The maximum credit is:
14 ----------------------------------- -----------------------------------
15 [$1,000] $10,000 or less [$375] $700
16 Over [$1,000] $10,000 but not over
17 [$2,000] $15,000 [$358] $650
18 Over [$2,000] $15,000 but not over
19 [$3,000] $20,000 [$341] $600
20 Over [$3,000] $20,000 but not over
21 [$4,000] $25,000 [$324] $550
22 Over [$4,000] $25,000 but not over
23 [$5,000] $30,000 [$307] $500
24 Over [$5,000] $30,000 but not over
25 [$6,000] $35,000 [$290] $450
26 Over [$6,000] $35,000 but not over
27 [$7,000] $40,000 [$273] $400
28 Over [$7,000] $40,000 but not over
29 [$8,000] $45,000 [$256] $350
30 Over [$8,000] $45,000 but not over
31 [$9,000] $50,000 [$239] $300
32 Over [$9,000] $50,000 but not over
33 [$10,000] $60,000 [$222] $250
34 Over [$10,000] $60,000 but not over
35 [$11,000 $205
36 Over $11,000 but not over $12,000 $188
37 Over $12,000 but not over $13,000 $171
38 Over $13,000 but not over $14,000 $154
39 Over $14,000 but not over $15,000 $137
40 Over $15,000 but not over $16,000 $120
41 Over $16,000 but not over $17,000 $103
42 Over $17,000 but not over $18,000]
43 $75,000 [$ 86] $200
44 (B) For all other qualified taxpayers the amount of the credit allow-
45 able under this subsection shall be fifty percent of excess real proper-
46 ty taxes or the excess of the real property tax equivalent determined as
47 follows:
48 Excess real property taxes are the
49 excess of real property tax equiv-
50 alent or the excess of qualifying
51 real property taxes over the
52 If household gross income for the following percentage of household
S. 6970 3
1 taxable year is: gross income:
2 ----------------------------------- -----------------------------------
3 [$3,000] $10,000 or less 3 1/2
4 Over $10,000 but not over $15,0003
5 Over [$3,000] $15,000 but not over
6 [$5,000] $25,000 4
7 Over [$5,000] $25,000 but not over
8 [$7,000] $35,000 4 1/2
9 Over [$7,000] $35,000 but not over
10 [$9,000] $45,000 5
11 Over [$9,000] $45,000 but not over
12 [$11,000] $50,000 5 1/2
13 Over [$11,000] $50,000 but not over
14 [$14,000] $60,000 6
15 Over [$14,000] $60,000 but not over
16 [$18,000] $75,000 6 1/2
17 Notwithstanding the foregoing provisions, the maximum credit deter-
18 mined under this subparagraph may not exceed the amount determined in
19 accordance with the following table:
20 If household gross income for the
21 taxable year is: The maximum credit is:
22 ----------------------------------- -----------------------------------
23 [$1,000] $10,000 or less [$75] $400
24 Over [$1,000] $10,000 but not over
25 [$2,000] $15,000 [$73] $350
26 Over [$2,000] $15,000 but not over
27 [$3,000] $20,000 [$71] $325
28 Over [$3,000] $20,000 but not over
29 [$4,000] $25,000 [$69] $300
30 Over [$4,000] $25,000 but not over
31 [$5,000] $30,000 [$67] $275
32 Over [$5,000] $30,000 but not over
33 [$6,000] $35,000 [$65] $250
34 Over [$6,000] $35,000 but not over
35 [$7,000] $40,000 [$63] $225
36 Over [$7,000] $40,000 but not over
37 [$8,000] $45,000 [$61] $200
38 Over [$8,000] $45,000 but not over
39 [$9,000] $50,000 [$59] $175
40 Over [$9,000] $50,000 but not over
41 [$10,000] $60,000 [$57] $150
42 Over [$10,000] $60,000 but not over
43 [$11,000 $55
44 Over $11,000 but not over $12,000 $53
45 Over $12,000 but not over $13,000 $51
46 Over $13,000 but not over $14,000 $49
47 Over $14,000 but not over $15,000 $47
48 Over $15,000 but not over $16,000 $45
49 Over $16,000 but not over $17,000 $43
50 Over $17,000 but not over $18,000]
51 $75,000 [$41] $125
52 (7) No credit shall be granted under this subsection:
S. 6970 4
1 (A) If household gross income for the taxable year exceeds [eighteen]
2 seventy-five thousand dollars.
3 (B) To a property owner unless: (i) the property is used for residen-
4 tial purposes, (ii) not more than twenty percent of the rental income,
5 if any, from the property is from rental for nonresidential purposes and
6 (iii) the property is occupied as a residence in whole or in part by one
7 or more of the owners of the property.
8 (C) To a property owner who owns real property, the full value of
9 which exceeds [eighty-five] two hundred thousand dollars.
10 (D) To a tenant if the adjusted rent for the residence exceeds [four
11 hundred fifty] one thousand dollars per month on average.
12 (E) To an individual with respect to whom a deduction under subsection
13 (c) of section one hundred fifty-one of the internal revenue code is
14 allowable to another taxpayer for the taxable year.
15 (F) With respect to a residence that is wholly exempted from real
16 property taxation.
17 (G) To an individual who is not a resident individual of the state for
18 the entire taxable year.
19 § 2. This act shall take effect immediately and shall apply to taxable
20 years commencing on or after the calendar year in which it shall have
21 become a law.