S T A T E O F N E W Y O R K
________________________________________________________________________
2719
2009-2010 Regular Sessions
I N A S S E M B L Y
January 21, 2009
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Introduced by M. of A. MARKEY, SCHROEDER, PEOPLES, MILLMAN -- Multi-
Sponsored by -- M. of A. ABBATE, GALEF, V. LOPEZ, PHEFFER, WEISEN-
BERG, WRIGHT -- read once and referred to the Committee on Ways and
Means
AN ACT to amend the tax law, in relation to modifications reducing
federal adjusted gross income for purposes of tax on personal income
by rental value of residence set aside as living quarters for parent
of taxpayer in certain cases
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subsection (c) of section 612 of the tax law is amended
by adding a new paragraph 39 to read as follows:
(39) AN AMOUNT REPRESENTING THE RENTAL VALUE OF THAT PORTION OF A
TAXPAYER'S HOME SET ASIDE AS THE LIVING QUARTERS OF A PARENT OF SUCH
TAXPAYER OR SUCH PARENT'S SPOUSE WHERE THE TAXPAYER RENTS HIS OR HER
HOME OR, WHERE THE TAXPAYER OWNS HIS OR HER HOME, AN AMOUNT EQUAL TO THE
DEPRECIATION ON THAT PORTION OF THE TAXPAYER'S HOME SET ASIDE AS THE
LIVING QUARTERS OF A PARENT OF SUCH TAXPAYER OR SUCH PARENT'S SPOUSE,
PROVIDED, THAT IN EITHER CASE SUCH PARENT:
(A) IS SIXTY-TWO YEARS OF AGE OR OLDER DURING THE TAXABLE YEAR;
(B) QUALIFIES AS AN EXEMPTION OF THE TAXPAYER FOR THE TAXABLE YEAR
FOR FEDERAL INCOME TAX PURPOSES;
(C) RESIDES WITH THE TAXPAYER DURING THE TAXABLE YEAR FOR A MINIMUM
OF SIX MONTHS; AND
(D) PAYS NO RENT TO THE TAXPAYER DURING THE TAXABLE YEAR.
S 2. This act shall take effect immediately and shall apply to taxa-
ble years beginning on and after the first of January next succeeding
the date on which it shall have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03041-01-9