Bill Text: NY A07533 | 2011-2012 | General Assembly | Introduced

---

Bill Title: Authorizes school tax reductions of 25% for residents in communities that restrict ownership to those fifty-five years of age and older.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A07533 Detail]

Download: New_York-2011-A07533-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7533
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 10, 2011
                                      ___________
       Introduced by M. of A. McKEVITT -- read once and referred to the Commit-
         tee on Ways and Means
       AN  ACT  to  amend the tax law, in relation to school tax reductions for
         residents in communities that restrict ownership to  those  fifty-five
         years of age and older
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The tax law is amended by adding a new section 1232 to read
    2  as follows:
    3    S 1232. SCHOOL TAX REDUCTION. IN  ANY  COMMUNITY  WHERE  ZONING  REGU-
    4  LATIONS  RESTRICT  OWNERSHIP TO THOSE FIFTY-FIVE YEARS OF AGE AND OLDER,
    5  SUCH RESIDENTS SHALL BE ELIGIBLE FOR A TWENTY-FIVE PERCENT REDUCTION  IN
    6  SCHOOL TAXES UPON APPROVAL BY THE LOCAL TOWN OR VILLAGE.
    7    S  2.  This  act shall take effect on the thirtieth day after it shall
    8  have become a law and shall apply to taxable years beginning on or after
    9  January 1, 2012.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11086-01-1