S T A T E   O F   N E W   Y O R K
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                                  3311

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 26, 2009
                               ___________

Introduced by M. of A. EDDINGTON, ENGLEBRIGHT, MAGNARELLI, PAULIN, JOHN,
  PHEFFER,  WEINSTEIN,  STIRPE, GORDON -- Multi-Sponsored by -- M. of A.
  CAHILL, CARROZZA, COLTON, DelMONTE, DESTITO, KOON  --  read  once  and
  referred to the Committee on Aging

AN  ACT  to  amend the real property tax law, in relation to eligibility
  for the exemption for persons aged sixty-five and over

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

  Section  1.  Paragraph (a) of subdivision 3 of section 467 of the real
property tax law, as amended by chapter 186 of  the  laws  of  2006,  is
amended to read as follows:
  (a) if the income of the owner or the combined income of the owners of
the  property  for the income tax year immediately preceding the date of
making application for exemption  exceeds  the  sum  of  three  thousand
dollars, or such other sum not less than three thousand dollars nor more
than  [twenty-six  thousand  dollars  beginning July first, two thousand
six, twenty-seven thousand dollars beginning July  first,  two  thousand
seven,  twenty-eight thousand dollars beginning July first, two thousand
eight, and twenty-nine thousand dollars beginning July first, two  thou-
sand  nine] FIFTY THOUSAND DOLLARS, as may be provided by the local law,
ordinance or resolution adopted pursuant to  this  section.  Income  tax
year  shall  mean  the twelve month period for which the owner or owners
filed a federal personal income tax return, or  if  no  such  return  is
filed,  the  calendar year.  Where title is vested in either the husband
or the wife, their combined income may not exceed such sum, except where
the husband or wife, or ex-husband or ex-wife is absent from the proper-
ty as provided in subparagraph (ii) of paragraph (d)  of  this  subdivi-
sion,  then  only  the income of the spouse or ex-spouse residing on the
property shall be considered and may not exceed such  sum.  Such  income
shall  include  social security and retirement benefits, interest, divi-
dends, total gain from the sale or exchange of a capital asset which may

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04553-01-9
              

A. 3311                             2

be offset by a loss from the sale or exchange of a capital asset in  the
same  income  tax  year,  net rental income, salary or earnings, and net
income from self-employment, but shall not include a return of  capital,
gifts,  inheritances,  payments  made  to  individuals  because of their
status as victims of Nazi persecution, as defined  in  P.L.  103-286  or
monies  earned  through  employment  in  the  federal foster grandparent
program, OR INCREASES IN BENEFITS ACCORDED PURSUANT TO THE SOCIAL  SECU-
RITY  ACT  OR  A  PUBLIC  OR  PRIVATE  PENSION  PAID  TO ANY OWNER WHICH
INCREASES IN ANY GIVEN YEAR, DOES NOT EXCEED THE  CONSUMER  PRICE  INDEX
(ALL  ITEMS  UNITED  STATES  CITY  AVERAGE)  FOR SUCH YEAR, and any such
income shall be offset by all medical  and  prescription  drug  expenses
actually paid which were not reimbursed or paid for by insurance, if the
governing  board  of  a  municipality,  after a public hearing, adopts a
local law, ordinance or resolution providing therefor.   The  provisions
of  this paragraph notwithstanding, such income shall not include veter-
ans disability compensation, as defined in Title 38 of the United States
Code provided the governing board of  such  municipality,  after  public
hearing, adopts a local law, ordinance or resolution providing therefor.
In  computing  net  rental income and net income from self-employment no
depreciation deduction shall be allowed for  the  exhaustion,  wear  and
tear of real or personal property held for the production of income;
  S 2. This act shall take effect immediately.