NY State Senate Bill 2009-S4165

Senate Bill S4165

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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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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to investigations and government operations
Apr 15, 2009	referred to investigations and government operations

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2009-S4165 (ACTIVE) - Details

See Assembly Version of this Bill:: A646
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: S1796, A1912
2013-2014: S1421
2015-2016: S1324

2009-S4165 (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 10 years; provides that such credit shall not apply to taxpayers whose household gross income exceeds $250,000 or who have received the school tax relief exemption on such real property.

2009-S4165 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4165

 TITLE OF BILL :
An act to amend the tax law, in relation to establishing the maximum
residential real property, personal income tax credit


 PURPOSE :
To place a limit on the real property tax for certain property owners
and provide a personal income tax credit for certain property
taxpayers.

 SUMMARY OF PROVISIONS :
Section 1 - adds a new subsection (qq) to section 606 to the tax law
to provide for a maximum real property tax credit for the following
household gross incomes: $25,000 or less, four percent of the
household gross income; more than $25,000, but less than or equal to
$50,000, five percent of the household gross income; more than $50,000
but less than or equal to 100,000, six percent of the household gross
income; more than $100,000 but less than or equal to $150,000, seven
percent of the household gross income; more than $150,000, but less
than or equal to $200,000 eight percent of the household gross income;
and more than $200,000, but less than or equal to $250,000, nine
percent of the household gross income.  To qualify, the taxpayer must
have resided in the home for not less than ten years and must forfeit
any benefit from the STAR program.  The credit will equal seventy

percent of the taxes paid over the allowed percentage cap as provided
in the bill.

Section 2 - contains the effective date.

 JUSTIFICATION :
With the increased reliance on the property tax for local government
revenue, some homeowners are facing skyrocketing property tax bills
and the prospect of selling their homes. This legislation seeks to
establish a cap on the maximum real property tax paid for New Yorkers
who have an household adjusted gross income of $250,000 or less. This
proposal is a immediate solution to the serious problem of high
property taxes,

 LEGISLATIVE HISTORY :
2007-2008: S.4302, Referred to Investigations and Government
Operations

 FISCAL IMPLICATIONS :
To be determined.

 EFFECTIVE DATE :
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law, and shall apply to taxable
years commencing on or after such date.

2009-S4165 (ACTIVE) - Bill Text download pdf

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

                                  4165

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 15, 2009
                               ___________

Introduced  by  Sens.  MONTGOMERY,  THOMPSON  --  read twice and ordered
  printed, and when printed to be committed to the Committee on Investi-
  gations and Government Operations

AN ACT to amend the tax law, in relation  to  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. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (qq) to read as follows:
  (QQ)  MAXIMUM  RESIDENTIAL  REAL PROPERTY TAX CREDIT. (1) DEFINITIONS.
FOR THE PURPOSES OF THIS SUBSECTION:
  (A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE  WHO
OWNS  THE  RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES, AND HAS
RESIDED IN SUCH RESIDENTIAL REAL PROPERTY FOR NOT LESS THAN TEN YEARS.
  (B) "HOUSEHOLD" MEANS THE TAXPAYER OR TAXPAYERS AND ALL OTHER PERSONS,
NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY
OWNED BY THE TAXPAYER OR TAXPAYERS, AND SHARE ITS  FURNISHINGS,  FACILI-
TIES AND ACCOMMODATIONS; PROVIDED THAT NO PERSON MAY BE A MEMBER OF MORE
THAN ONE HOUSEHOLD AT ONE TIME.
  (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
OF ALL MEMBERS OF THE HOUSEHOLD FOR THE TAXABLE YEAR; PROVIDED THAT SUCH
TERM  SHALL  ONLY INCLUDE ALL SUCH INCOME RECEIVED BY ALL MEMBERS OF THE
HOUSEHOLD WHILE MEMBERS OF SUCH HOUSEHOLD.
  (D) "NET REAL PROPERTY TAX" MEANS THE REAL PROPERTY TAXES ASSESSED  ON
THE  RESIDENTIAL  REAL  PROPERTY  OWNED  AND OCCUPIED BY THE TAXPAYER OR
TAXPAYERS AFTER ANY EXEMPTION OR ABATEMENT RECEIVED PURSUANT TO THE REAL
PROPERTY TAX LAW.
  (2) CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
TAXES IMPOSED BY THIS ARTICLE, EQUAL TO SEVENTY PERCENT  OF  THE  AMOUNT
WHICH  THE TAXPAYER'S NET REAL PROPERTY TAX EXCEEDS THE TAXPAYER'S MAXI-
MUM REAL  PROPERTY  TAX,  AS  DETERMINED  BY  PARAGRAPH  THREE  OF  THIS
SUBSECTION.  IF  SUCH  CREDIT  EXCEEDS THE TAX FOR SUCH TAXABLE YEAR, AS
REDUCED BY THE OTHER CREDITS PERMITTED BY THIS  ARTICLE,  THE  QUALIFIED
TAXPAYER  MAY  RECEIVE, AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00031-01-9

S. 4165                             2

THE DEPARTMENT, SHALL PAY  AS  AN  OVERPAYMENT,  WITHOUT  INTEREST,  ANY
EXCESS BETWEEN SUCH TAX AS SO REDUCED AND THE AMOUNT OF THE CREDIT. IF A
QUALIFIED  TAXPAYER IS NOT REQUIRED TO FILE A RETURN PURSUANT TO SECTION
SIX  HUNDRED  FIFTY-ONE OF THIS ARTICLE, A QUALIFIED TAXPAYER MAY NEVER-
THELESS RECEIVE AND THE COMPTROLLER, SUBJECT TO  A  CERTIFICATE  OF  THE
DEPARTMENT,  SHALL  PAY AS AN OVERPAYMENT THE FULL AMOUNT OF THE CREDIT,
WITHOUT INTEREST.
  (3) MAXIMUM REAL PROPERTY TAX. A  QUALIFIED  TAXPAYER'S  MAXIMUM  REAL
PROPERTY TAX SHALL BE DETERMINED AS FOLLOWS:

       HOUSEHOLD GROSS INCOME                   MAXIMUM REAL PROPERTY TAX

       LESS THAN TWENTY-FIVE                    FOUR PERCENT OF THE
       THOUSAND DOLLARS                         HOUSEHOLD GROSS INCOME

       MORE THAN TWENTY-FIVE                    FIVE PERCENT OF THE
       THOUSAND DOLLARS, BUT                    HOUSEHOLD GROSS INCOME
       LESS THAN OR EQUAL TO
       FIFTY THOUSAND DOLLARS

       MORE THAN FIFTY THOUSAND                 SIX PERCENT OF THE
       DOLLARS, BUT LESS THAN OR                HOUSEHOLD GROSS INCOME
       EQUAL TO ONE HUNDRED
       THOUSAND DOLLARS

       MORE THAN ONE HUNDRED                    SEVEN PERCENT OF
       THOUSAND DOLLARS, BUT                    THE HOUSEHOLD
       LESS THAN OR EQUAL TO                    GROSS INCOME
       ONE HUNDRED FIFTY
       THOUSAND DOLLARS

       MORE THAN ONE HUNDRED                    EIGHT PERCENT OF
       FIFTY THOUSAND DOLLARS,                  THE HOUSEHOLD
       BUT LESS THAN OR EQUAL                   GROSS INCOME
       TO TWO HUNDRED THOUSAND
       DOLLARS

       MORE THAN TWO HUNDRED                    NINE PERCENT
       THOUSAND DOLLARS, BUT                    OF THE HOUSE-
       LESS THAN OR EQUAL TO                    HOLD GROSS
       TWO HUNDRED FIFTY                        INCOME
       THOUSAND DOLLARS

       MORE THAN TWO HUNDRED                    NO LIMITATION
       FIFTY THOUSAND
       DOLLARS
  (4) EXCLUSIONS FROM ELIGIBILITY. NO CREDIT SHALL BE GRANTED UNDER THIS
SUBSECTION:
  (A)  IF  THE  QUALIFIED  TAXPAYER'S HOUSEHOLD GROSS INCOME EXCEEDS TWO
HUNDRED FIFTY THOUSAND DOLLARS; OR
  (B) THE QUALIFIED TAXPAYER RECEIVED THE SCHOOL TAX  RELIEF  EXEMPTION,
PURSUANT  TO  SECTION  FOUR HUNDRED TWENTY-FIVE OF THE REAL PROPERTY TAX
LAW, DURING THE TAXABLE YEAR.
  S 2. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which it shall have become a law, and shall apply to
taxable years commencing on or after such date.

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Senate Bill S4165

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