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