Senate Bill S253

2009-2010 Legislative Session

Establishes a personal income tax credit for portion of residential real property taxes which exceeds a certain percentage of the household gross income

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S253 (ACTIVE) - Details

See Assembly Version of this Bill:
A7094
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S137, A877
2013-2014: S1002, A1941
2015-2016: S619, A5285

2009-S253 (ACTIVE) - Summary

Establishes a personal income tax credit for a portion of a taxpayer's residential real property taxes which exceeds a certain percentage of the taxpayer's household gross income; provides that the taxpayer shall have resided in such residential real property for not less than 5 years; provides that such credit shall not apply to taxpayers who have claimed the real property tax circuit breaker credit during the taxable year.

2009-S253 (ACTIVE) - Sponsor Memo

2009-S253 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   253

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to the school district property
  tax credit and establishing the  maximum  residential  real  property,
  personal income tax credit

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.   Subparagraph (E) of paragraph  1  of  subsection  (e)  of
section  606  of  the  tax law, as amended by chapter 105 of the laws of
2006, is amended to read as follows:
  (E) "Qualifying real property taxes" means all  real  property  taxes,
special  ad  valorem levies and special assessments, exclusive of penal-
ties and interest, levied on the residence of a qualified  taxpayer  and
paid  during  the taxable year [less the credit claimed under subsection
(n-1) of this section]. In addition, for taxable years  beginning  after
December thirty-first, nineteen hundred eighty-four, a qualified taxpay-
er  may  elect  to  include  any  additional amount that would have been
levied in the absence of an exemption from real property taxation pursu-
ant to section four hundred sixty-seven of the real property tax law. If
tenant-stockholders in a cooperative housing corporation  have  met  the
requirements of section two hundred sixteen of the internal revenue code
by  which they are allowed a deduction for real estate taxes, the amount
of taxes so allowable, or which would be allowable if the  taxpayer  had
filed  returns on a cash basis, shall be qualifying real property taxes.
If a residence is owned by two or more individuals as joint  tenants  or
tenants  in  common, and one or more than one individual is not a member
of the household, qualifying real property taxes is that  part  of  such
taxes  on  the  residence which reflects the ownership percentage of the
qualified taxpayer and members of his household. If a  residence  is  an

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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