Bill Text: NY S01358 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Relates to the definition of income for the purposes of the private housing finance law.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S01358 Detail]

Download: New_York-2015-S01358-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1358
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 12, 2015
                                      ___________
       Introduced  by  Sen.  RIVERA -- read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development
       AN  ACT  to  amend  the  private housing finance law, in relation to the
         definition of income
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Subdivision 29 of section 2 of the private housing finance
    2  law,  as  amended by chapter 280 of the laws of 1987, is amended to read
    3  as follows:
    4    29. "Annual income" or "income". The total income as reported  in  the
    5  New  York  state  income  tax  return, less such personal exemptions and
    6  deductions for medical expenses as are actually taken  by  the  taxpayer
    7  AND  LESS  SOCIAL SECURITY AND RETIREMENT BENEFITS RECEIVED AND INCLUDED
    8  IN TAXABLE  INCOME  BUT  NOT  IN  EXCESS  OF  TWENTY  THOUSAND  DOLLARS.
    9  Provided,  however,  that  federal  old  age,  survivors, and disability
   10  insurance benefits shall not be deemed income in articles two, four  and
   11  eleven  of  this  chapter. This definition shall be employed in articles
   12  two, four, eight and eleven of this chapter in the computation of "prob-
   13  able aggregate annual income" as therein defined.
   14    S 2. This act shall take effect on the thirtieth day  after  it  shall
   15  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05812-01-5