Bill Text: NY A02829 | 2017-2018 | General Assembly | Introduced

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Bill Title: Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2018-01-03 - referred to aging [A02829 Detail]

Download: New_York-2017-A02829-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2829
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 23, 2017
                                       ___________
        Introduced  by M. of A. GOTTFRIED, SEPULVEDA -- Multi-Sponsored by -- M.
          of A.  BARNWELL, CARROLL -- read once and referred to the Committee on
          Aging
        AN ACT to amend the real property tax law, in relation to  allowing  for
          increases  in  the  amount  of  income  property  owners  may earn for
          purposes of qualification for certain tax exemptions
          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
     8  more than twenty-six thousand dollars beginning July first, two thousand
     9  six, twenty-seven thousand dollars beginning July  first,  two  thousand
    10  seven,  twenty-eight thousand dollars beginning July first, two thousand
    11  eight, and twenty-nine], fifty thousand dollars  beginning  July  first,
    12  two  thousand [nine] sixteen, as may be provided by the local law, ordi-
    13  nance or resolution adopted pursuant to this section; provided, however,
    14  beginning July first, two thousand nineteen and every two  years  there-
    15  after, the maximum allowable income shall increase by the product of the
    16  average  annual  percentage  changes in the consumer price index for all
    17  urban consumers (CPI-U) as published by the United States department  of
    18  labor  bureau of labor statistics for the two year period rounded to the
    19  nearest one thousand dollars.   Income tax year shall  mean  the  twelve
    20  month  period  for  which  the  owner or owners filed a federal personal
    21  income tax return, or if no such return is  filed,  the  calendar  year.
    22  Where  title is vested in either the husband or the wife, their combined
    23  income may not exceed such sum, except where the  husband  or  wife,  or
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02692-01-7
        A. 2829                             2
     1  ex-husband or ex-wife is absent from the property as provided in subpar-
     2  agraph  (ii)  of paragraph (d) of this subdivision, then only the income
     3  of the spouse or ex-spouse residing on the property shall be  considered
     4  and  may  not exceed such sum. Such income shall include social security
     5  and retirement benefits, interest, dividends, total gain from  the  sale
     6  or  exchange  of  a capital asset which may be offset by a loss from the
     7  sale or exchange of a capital asset in the same  income  tax  year,  net
     8  rental  income, salary or earnings, and net income from self-employment,
     9  but shall not include a return of capital, gifts, inheritances, payments
    10  made to individuals because of their status as victims  of  Nazi  perse-
    11  cution,  as  defined in P.L. 103-286 or monies earned through employment
    12  in the federal foster grandparent program and any such income  shall  be
    13  offset by all medical and prescription drug expenses actually paid which
    14  were  not reimbursed or paid for by insurance, if the governing board of
    15  a municipality, after a public hearing, adopts a local law, ordinance or
    16  resolution providing therefor.    Furthermore,  such  income  shall  not
    17  include  the  proceeds  of  a reverse mortgage, as authorized by section
    18  six-h of the banking law,  and  sections  two  hundred  eighty  and  two
    19  hundred  eighty-a  of  the  real  property  law; provided, however, that
    20  monies used to repay a reverse mortgage may not be deducted from income,
    21  and provided additionally that any interest or dividends  realized  from
    22  the  investment of reverse mortgage proceeds shall be considered income.
    23  The provisions of this paragraph notwithstanding, such income shall  not
    24  include  veterans disability compensation, as defined in Title 38 of the
    25  United States Code provided the governing board  of  such  municipality,
    26  after  public  hearing,  adopts  a  local  law,  ordinance or resolution
    27  providing therefor.  In computing net rental income and net income  from
    28  self-employment  no  depreciation  deduction  shall  be  allowed for the
    29  exhaustion, wear and tear of real or  personal  property  held  for  the
    30  production of income;
    31    § 2. This act shall take effect immediately.