senate Bill S6408

Relates to the definition of income

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 06 / Feb / 2012
    • REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Summary

Relates to the definition of income.

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Bill Details

Versions:
S6408
Legislative Cycle:
2011-2012
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง2, Priv Hous Fin L

Sponsor Memo

BILL NUMBER:S6408

TITLE OF BILL:
An act to amend the private housing finance law, in relation to the
definition of income

SUMMARY OF PROVISIONS:
This bill would amend subdivision 29 of Section 2 of the Private
Housing Finance Law to specifically provide that an individual's first
$20,000 worth of Social Security and retirement benefits will not be
included in the definition of "income".

JUSTIFICATION:
The Federal Social Security Act amendments of 1983 provide that, for
many retirees, a substantial portion of their social security benefits
will be subject to federal income taxation for years beginning with
1984. These benefits have historically not been considered as
"income", for purposes of the Private Housing Finance Law and should
not be so treated now. This bill would ensure that these benefits will
not be included in the computation of "annual income", which is used
for determining eligibility and surcharges for Mitchell-Lama
residents.

LEGISLATIVE HISTORY:
2012: S.2039 (Kruger)

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect on the thirteenth day after it shall have
become a law.

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

                                  6408

                            I N  S E N A T E

                            February 6, 2012
                               ___________

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:

  Section 1.  Subdivision 29 of section 2 of the private housing finance
law,  as  amended by chapter 280 of the laws of 1987, is amended to read
as follows:
  29. "Annual income" or "income". The total income as reported  in  the
New  York  state  income  tax  return, less such personal exemptions and
deductions for medical expenses as are actually taken  by  the  taxpayer
AND  LESS  SOCIAL SECURITY AND RETIREMENT BENEFITS RECEIVED AND INCLUDED
IN TAXABLE  INCOME  BUT  NOT  IN  EXCESS  OF  TWENTY  THOUSAND  DOLLARS.
Provided,  however,  that  federal  old  age,  survivors, and disability
insurance benefits shall not be deemed income in articles two, four  and
eleven  of  this  chapter. This definition shall be employed in articles
two, four, eight and eleven of this chapter in the computation of "prob-
able aggregate annual income" as therein defined.
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14409-01-2

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