S07859 Summary:
| BILL NO | S07859 |
| SAME AS | SAME AS A10335 |
| SPONSOR | STEWART-COUSINS |
| COSPNSR | CARLUCCI |
| MLTSPNSR | |
| Amd §§467 & 459-c, RPT L | |
| Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income. | |
S07859 Actions:
| BILL NO | S07859 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 05/18/2016 | REFERRED TO AGING | |||||||||||||||||||||||||||||||||||||||||||||||||
| 06/09/2016 | COMMITTEE DISCHARGED AND COMMITTED TO RULES | |||||||||||||||||||||||||||||||||||||||||||||||||
| 06/09/2016 | ORDERED TO THIRD READING CAL.1661 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 06/09/2016 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
| 06/09/2016 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
| 06/09/2016 | referred to aging | |||||||||||||||||||||||||||||||||||||||||||||||||
S07859 Committee Votes:
Go to topS07859 Floor Votes:
There are no votes for this bill in this legislative session.
Go to topS07859 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 7859 IN SENATE May 18, 2016 ___________ Introduced by Sen. STEWART-COUSINS -- 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 increasing the amount of income property owners may earn for the purpose of eligibil- ity for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income 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 fifty thousand dollars beginning July first, two thousand 13 sixteen, as may be provided by the local law, ordinance or resolution 14 adopted pursuant to this section. Income tax year shall mean the twelve 15 month period for which the owner or owners filed a federal personal 16 income tax return, or if no such return is filed, the calendar year. 17 Where title is vested in either the husband or the wife, their combined 18 income may not exceed such sum, except where the husband or wife, or 19 ex-husband or ex-wife is absent from the property as provided in subpar- 20 agraph (ii) of paragraph (d) of this subdivision, then only the income 21 of the spouse or ex-spouse residing on the property shall be considered 22 and may not exceed such sum. Such income shall include social security 23 and retirement benefits, interest, dividends, total gain from the sale 24 or exchange of a capital asset which may be offset by a loss from the 25 sale or exchange of a capital asset in the same income tax year, net 26 rental income, salary or earnings, and net income from self-employment, 27 but shall not include a return of capital, gifts, inheritances, payments 28 made to individuals because of their status as victims of Nazi perse- 29 cution, as defined in P.L. 103-286 or monies earned through employment EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15202-02-6S. 7859 2 1 in the federal foster grandparent program and any such income shall be 2 offset by all medical and prescription drug expenses actually paid which 3 were not reimbursed or paid for by insurance, if the governing board of 4 a municipality, after a public hearing, adopts a local law, ordinance or 5 resolution providing therefor. Furthermore, such income shall not 6 include the proceeds of a reverse mortgage, as authorized by section 7 six-h of the banking law, and sections two hundred eighty and two 8 hundred eighty-a of the real property law; provided, however, that 9 monies used to repay a reverse mortgage may not be deducted from income, 10 and provided additionally that any interest or dividends realized from 11 the investment of reverse mortgage proceeds shall be considered income. 12 The provisions of this paragraph notwithstanding, such income shall not 13 include veterans disability compensation, as defined in Title 38 of the 14 United States Code provided the governing board of such municipality, 15 after public hearing, adopts a local law, ordinance or resolution 16 providing therefor. In computing net rental income and net income from 17 self-employment no depreciation deduction shall be allowed for the 18 exhaustion, wear and tear of real or personal property held for the 19 production of income; 20 § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop- 21 erty tax law, as separately amended by chapters 187 and 252 of the laws 22 of 2006, is amended to read as follows: 23 (a) if the income of the owner or the combined income of the owners of 24 the property for the income tax year immediately preceding the date of 25 making application for exemption exceeds the sum of three thousand 26 dollars, or such other sum not less than three thousand dollars nor more 27 than twenty-six thousand dollars beginning July first, two thousand six, 28 twenty-seven thousand dollars beginning July first, two thousand seven, 29 twenty-eight thousand dollars beginning July first, two thousand eight, 30 [and] twenty-nine thousand dollars beginning July first, two thousand 31 nine and fifty thousand dollars beginning July first, two thousand 32 sixteen, as may be provided by the local law or resolution adopted 33 pursuant to this section. Income tax year shall mean the twelve month 34 period for which the owner or owners filed a federal personal income tax 35 return, or if no such return is filed, the calendar year. Where title is 36 vested in either the husband or the wife, their combined income may not 37 exceed such sum, except where the husband or wife, or ex-husband or 38 ex-wife is absent from the property due to divorce, legal separation or 39 abandonment, then only the income of the spouse or ex-spouse residing on 40 the property shall be considered and may not exceed such sum. Such 41 income shall include social security and retirement benefits, interest, 42 dividends, total gain from the sale or exchange of a capital asset which 43 may be offset by a loss from the sale or exchange of a capital asset in 44 the same income tax year, net rental income, salary or earnings, and net 45 income from self-employment, but shall not include a return of capital, 46 gifts, inheritances or monies earned through employment in the federal 47 foster grandparent program and any such income shall be offset by all 48 medical and prescription drug expenses actually paid which were not 49 reimbursed or paid for by insurance, if the governing board of a munici- 50 pality, after a public hearing, adopts a local law or resolution provid- 51 ing therefor. In computing net rental income and net income from self- 52 employment no depreciation deduction shall be allowed for the 53 exhaustion, wear and tear of real or personal property held for the 54 production of income; 55 § 3. This act shall take effect immediately.