Bill Text: NY S06736 | 2021-2022 | General Assembly | Introduced

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Bill Title: Exempts a recovery of an award from the September eleventh victim compensation fund from income.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO AGING [S06736 Detail]

Download: New_York-2021-S06736-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6736

                               2021-2022 Regular Sessions

                    IN SENATE

                                      May 13, 2021
                                       ___________

        Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary

        AN  ACT  to  amend the real property tax law, in relation to exempting a
          recovery of an award from the September eleventh  victim  compensation
          fund from income

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph f of subdivision 1 of section 467-c of  the  real
     2  property  tax  law,  as  amended  by chapter 500 of the laws of 2001, is
     3  amended to read as follows:
     4    f. "Income" means income received by the eligible head of  the  house-
     5  hold combined with the income of all other members of the household from
     6  all  sources after deduction of all income and social security taxes and
     7  includes without limitation, social security  and  retirement  benefits,
     8  supplemental  security  income  and  additional  state  payments, public
     9  assistance benefits, interest, dividends, net rental income, salary  and
    10  earnings,  and  net  income  from self employment, but shall not include
    11  gifts or inheritances, recovery of an award from the September  eleventh
    12  victim  compensation  fund  of  two thousand one established pursuant to
    13  title IV of the federal air transportation safety and system  stabiliza-
    14  tion  act, P.L. 107-42, as amended, payments made to individuals because
    15  of their status as victims  of  Nazi  persecution  as  defined  in  P.L.
    16  103-286, nor increases in benefits accorded pursuant to the social secu-
    17  rity act or a public or private pension paid to any member of the house-
    18  hold  which  increase,  in  any given year, does not exceed the consumer
    19  price index (all items United States city average) for such  year  which
    20  take effect after the eligibility date of an eligible head of the house-
    21  hold  receiving benefits hereunder whether received by the eligible head
    22  of the household or any other member of the household. When the eligible
    23  head of the household has retired on or after the  commencement  of  the
    24  taxable period and prior to the date of making an application for a rent

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11208-01-1
        S. 6736                             2

     1  increase  exemption  order/tax  abatement  certificate  pursuant to this
     2  section, such person's income shall be adjusted by excluding  salary  or
     3  earnings  and projecting such person's retirement income over the entire
     4  taxable period.
     5    § 2. This act shall take effect immediately.