Bill Text: NY A01209 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to the real property school tax exemption granted to persons sixty-five years of age or over; provides that the income tax years shall mean either of the two income tax years immediately preceding the date of application for exemption.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to aging [A01209 Detail]

Download: New_York-2013-A01209-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1209
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
         Committee on Aging
       AN ACT to amend the real property tax law, in relation to the real prop-
         erty school tax exemption granted to persons sixty-five years  of  age
         or over
         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 EITHER OF the TWO income tax [year]  YEARS  immediately
    6  preceding  the  date of making application for exemption exceeds the sum
    7  of three thousand dollars, or such other sum not less than  three  thou-
    8  sand  dollars  nor  more than twenty-six thousand dollars beginning July
    9  first, two thousand six, twenty-seven thousand  dollars  beginning  July
   10  first,  two thousand seven, twenty-eight thousand dollars beginning July
   11  first, two thousand eight, and twenty-nine  thousand  dollars  beginning
   12  July  first,  two  thousand  nine,  as may be provided by the local law,
   13  ordinance or resolution adopted pursuant to this section.  [Income]  TWO
   14  INCOME tax [year] YEARS shall mean the [twelve] TWENTY-FOUR month period
   15  for  which  the  owner  or  owners  filed  a federal personal income tax
   16  return, or if no such return is filed, the calendar year.   Where  title
   17  is  vested  in either the husband or the wife, their combined income may
   18  not exceed such sum, except where the husband or wife, or ex-husband  or
   19  ex-wife  is absent from the property as provided in subparagraph (ii) of
   20  paragraph (d) of this subdivision, then only the income of the spouse or
   21  ex-spouse residing on the property  shall  be  considered  and  may  not
   22  exceed  such  sum. Such income shall include social security and retire-
   23  ment benefits, interest, dividends, total gain from the sale or exchange
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00489-01-3
       A. 1209                             2
    1  of a capital asset which may be offset  by  a  loss  from  the  sale  or
    2  exchange  of  a  capital  asset  in the same income tax year, net rental
    3  income, salary or earnings, and net  income  from  self-employment,  but
    4  shall  not  include  a  return of capital, gifts, inheritances, payments
    5  made to individuals because of their status as victims  of  Nazi  perse-
    6  cution,  as  defined in P.L. 103-286 or monies earned through employment
    7  in the federal foster grandparent program and any such income  shall  be
    8  offset by all medical and prescription drug expenses actually paid which
    9  were  not reimbursed or paid for by insurance, if the governing board of
   10  a municipality, after a public hearing, adopts a local law, ordinance or
   11  resolution providing therefor.    Furthermore,  such  income  shall  not
   12  include  the  proceeds  of  a reverse mortgage, as authorized by section
   13  six-h of the banking law,  and  sections  two  hundred  eighty  and  two
   14  hundred  eighty-a  of  the  real  property  law; provided, however, that
   15  monies used to repay a reverse mortgage may not be deducted from income,
   16  and provided additionally that any interest or dividends  realized  from
   17  the  investment of reverse mortgage proceeds shall be considered income.
   18  The provisions of this paragraph notwithstanding, such income shall  not
   19  include  veterans disability compensation, as defined in Title 38 of the
   20  United States Code provided the governing board  of  such  municipality,
   21  after  public  hearing,  adopts  a  local  law,  ordinance or resolution
   22  providing therefor.  In computing net rental income and net income  from
   23  self-employment  no  depreciation  deduction  shall  be  allowed for the
   24  exhaustion, wear and tear of real or  personal  property  held  for  the
   25  production of income;
   26    S 2. This act shall take effect immediately.