Bill Text: NY A09780 | 2015-2016 | 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 1-0)

Status: (Introduced - Dead) 2016-04-08 - referred to aging [A09780 Detail]

Download: New_York-2015-A09780-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9780
                   IN ASSEMBLY
                                      April 8, 2016
                                       ___________
        Introduced  by  M.  of  A.  GOTTFRIED  --  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 eighteen 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
    24  ex-husband or ex-wife is absent from the property as provided in subpar-
    25  agraph  (ii)  of paragraph (d) of this subdivision, then only the income
    26  of the spouse or ex-spouse residing on the property shall be  considered
    27  and  may  not exceed such sum. Such income shall include social security
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01947-04-6