Bill Text: NY A05252 | 2019-2020 | General Assembly | Introduced


Bill Title: Increases allowable maximum income of certain persons otherwise eligible for tax abatement in the county of Nassau.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2019-12-20 - enacting clause stricken [A05252 Detail]

Download: New_York-2019-A05252-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5252
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 8, 2019
                                       ___________
        Introduced  by M. of A. RA -- read once and referred to the Committee on
          Aging
        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 separately amended by chapters 131 and 279  of  the
     3  laws of 2017, is 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  twenty-nine  thousand  dollars  beginning July first, two thousand nine,
    12  [and] in a city with a population of one million or more fifty  thousand
    13  dollars  beginning  July  first, two thousand seventeen, and in a county
    14  with a population of between one million and one  million  four  hundred
    15  thousand  as  of the last decennial census fifty thousand dollars begin-
    16  ning July first, two thousand twenty, as may be provided  by  the  local
    17  law,  ordinance  or  resolution adopted pursuant to this section. Income
    18  tax year shall mean the twelve month  period  for  which  the  owner  or
    19  owners  filed a federal personal income tax return, or if no such return
    20  is filed, the calendar year. Where title is vested in either the husband
    21  or the wife, their combined income may not exceed such sum, except where
    22  the husband or wife, or ex-husband or ex-wife is absent from the proper-
    23  ty as provided in subparagraph (ii) of paragraph (d)  of  this  subdivi-
    24  sion,  then  only  the income of the spouse or ex-spouse residing on the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09328-01-9

        A. 5252                             2
     1  property shall be considered and may not exceed such  sum.  Such  income
     2  shall  include  social security and retirement benefits, interest, divi-
     3  dends, total gain from the sale or exchange of a capital asset which may
     4  be  offset by a loss from the sale or exchange of a capital asset in the
     5  same income tax year, net rental income, salary  or  earnings,  and  net
     6  income  from self-employment, but shall not include a return of capital,
     7  gifts, inheritances, payments  made  to  individuals  because  of  their
     8  status  as  victims  of  Nazi persecution, as defined in P.L. 103-286 or
     9  monies earned through  employment  in  the  federal  foster  grandparent
    10  program  and  any  such  income  shall  be  offset  by  all  medical and
    11  prescription drug expenses actually paid which were  not  reimbursed  or
    12  paid for by insurance, if the governing board of a municipality, after a
    13  public  hearing,  adopts  a local law, ordinance or resolution providing
    14  therefor. In  addition,  an  exchange  of  an  annuity  for  an  annuity
    15  contract,  which  resulted in non-taxable gain, as determined in section
    16  one thousand thirty-five of the internal revenue code, shall be excluded
    17  from such income. Provided that such exclusion shall be based on  satis-
    18  factory proof that such an exchange was solely an exchange of an annuity
    19  for  an  annuity contract that resulted in a non-taxable transfer deter-
    20  mined by such section of the internal revenue  code.  Furthermore,  such
    21  income  shall not include the proceeds of a reverse mortgage, as author-
    22  ized by section six-h of the  banking  law,  and  sections  two  hundred
    23  eighty  and  two  hundred  eighty-a  of the real property law; provided,
    24  however, that monies used  to  repay  a  reverse  mortgage  may  not  be
    25  deducted  from  income,  and  provided additionally that any interest or
    26  dividends realized from the  investment  of  reverse  mortgage  proceeds
    27  shall  be  considered  income. The provisions of this paragraph notwith-
    28  standing, such income shall  not  include  veterans  disability  compen-
    29  sation,  as  defined  in Title 38 of the United States Code provided the
    30  governing board of such municipality, after  public  hearing,  adopts  a
    31  local  law, ordinance or resolution providing therefor. In computing net
    32  rental income  and  net  income  from  self-employment  no  depreciation
    33  deduction  shall be allowed for the exhaustion, wear and tear of real or
    34  personal property held for the production of income;
    35    § 2. Paragraph (a) of subdivision 5 of section 459-c of the real prop-
    36  erty tax law, as amended by chapter 131 of the laws of 2017, is  amended
    37  to read as follows:
    38    (a) if the income of the owner or the combined income of the owners of
    39  the  property  for the income tax year immediately preceding the date of
    40  making application for exemption  exceeds  the  sum  of  three  thousand
    41  dollars, or such other sum not less than three thousand dollars nor more
    42  than twenty-six thousand dollars beginning July first, two thousand six,
    43  twenty-seven  thousand dollars beginning July first, two thousand seven,
    44  twenty-eight thousand dollars beginning July first, two thousand  eight,
    45  twenty-nine  thousand  dollars  beginning July first, two thousand nine,
    46  [and] in a city with a population of one million or more fifty  thousand
    47  dollars  beginning  July  first, two thousand seventeen, and in a county
    48  with a population of between one million and one  million  four  hundred
    49  thousand  as  of the last decennial census fifty thousand dollars begin-
    50  ning July first, two thousand twenty, as may be provided  by  the  local
    51  law  or  resolution  adopted  pursuant  to this section. Income tax year
    52  shall mean the twelve month period for which the owner or owners filed a
    53  federal personal income tax return, or if no such return is  filed,  the
    54  calendar  year. Where title is vested in either the husband or the wife,
    55  their combined income may not exceed such sum, except where the  husband
    56  or  wife,  or  ex-husband  or ex-wife is absent from the property due to

        A. 5252                             3
     1  divorce, legal separation or abandonment, then only the  income  of  the
     2  spouse or ex-spouse residing on the property shall be considered and may
     3  not  exceed  such  sum.  Such  income  shall include social security and
     4  retirement  benefits,  interest,  dividends, total gain from the sale or
     5  exchange of a capital asset which may be offset by a loss from the  sale
     6  or  exchange  of a capital asset in the same income tax year, net rental
     7  income, salary or earnings, and net  income  from  self-employment,  but
     8  shall  not  include  a  return of capital, gifts, inheritances or monies
     9  earned through employment in the federal foster grandparent program  and
    10  any  such  income  shall  be offset by all medical and prescription drug
    11  expenses actually paid which were not reimbursed or paid for  by  insur-
    12  ance,  if the governing board of a municipality, after a public hearing,
    13  adopts a local law or resolution providing therefor.  In  computing  net
    14  rental  income  and  net  income  from  self-employment  no depreciation
    15  deduction shall be allowed for the exhaustion, wear and tear of real  or
    16  personal property held for the production of income;
    17    §  3. This act shall take effect immediately and shall apply to appli-
    18  cations made for an exemption pursuant to this act for the county fiscal
    19  year commencing in 2020 and all county fiscal years thereafter.   Appli-
    20  cations  received for the county fiscal year commencing in 2020 shall be
    21  considered timely if they are filed on or before the one hundred twenti-
    22  eth day following the effective date of the local law  implementing  the
    23  provisions of this act.
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