Bill Text: NY A06567 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides for the reduction of federal adjusted gross income for state personal income tax purposes by excluding an amount representing the rental value of that portion of the taxpayer's home set aside as the living quarters of the parent of the taxpayer or his spouse; provides that when the taxpayer owns his home that amount will be the amount equal to the depreciation of that portion of the taxpayer's home; requires that during the taxable year such parent must be sixty-two years of age or older, reside with the taxpayer at least 6 months a year and pay no rent and such parent qualifies as an exemption of the taxpayer.

Spectrum: Moderate Partisan Bill (Democrat 20-5)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A06567 Detail]

Download: New_York-2011-A06567-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6567
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 22, 2011
                                      ___________
       Introduced  by  M.  of  A. MARKEY, MILLMAN, SCHROEDER, PEOPLES-STOKES --
         Multi-Sponsored by -- M.  of A. GALEF, V. LOPEZ, PHEFFER,  WEISENBERG,
         WRIGHT -- read once and referred to the Committee on Ways and Means
       AN  ACT  to  amend  the  tax  law, in relation to modifications reducing
         federal adjusted gross income for purposes of tax on  personal  income
         by  rental  value of residence set aside as living quarters for parent
         of taxpayer in certain cases
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.   Subsection (c) of section 612 of the tax law is  amended
    2  by adding a new paragraph 39 to read as follows:
    3    (39)  AN AMOUNT REPRESENTING THE RENTAL VALUE OF  THAT  PORTION  OF  A
    4  TAXPAYER'S  HOME  SET  ASIDE  AS THE LIVING QUARTERS OF A PARENT OF SUCH
    5  TAXPAYER OR SUCH PARENT'S SPOUSE WHERE THE TAXPAYER  RENTS  HIS  OR  HER
    6  HOME OR, WHERE THE TAXPAYER OWNS HIS OR HER HOME, AN AMOUNT EQUAL TO THE
    7  DEPRECIATION  ON  THAT  PORTION  OF THE TAXPAYER'S HOME SET ASIDE AS THE
    8  LIVING QUARTERS OF A PARENT OF SUCH TAXPAYER OR  SUCH  PARENT'S  SPOUSE,
    9  PROVIDED, THAT IN EITHER CASE SUCH PARENT:
   10    (A)  IS SIXTY-TWO YEARS OF AGE OR OLDER DURING THE TAXABLE YEAR;
   11    (B)  QUALIFIES  AS  AN  EXEMPTION OF THE TAXPAYER FOR THE TAXABLE YEAR
   12  FOR FEDERAL INCOME TAX PURPOSES;
   13    (C)  RESIDES WITH THE TAXPAYER DURING THE TAXABLE YEAR FOR  A  MINIMUM
   14  OF SIX MONTHS; AND
   15    (D)  PAYS NO RENT TO THE TAXPAYER DURING THE TAXABLE YEAR.
   16    S  2.  This act shall take effect immediately and shall apply to taxa-
   17  ble years beginning on and after the first of  January  next  succeeding
   18  the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09706-01-1