Senate Bill S3729

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

                                  3729

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 30, 2009
                               ___________

Introduced  by  Sens.  LAVALLE, DeFRANCISCO, GOLDEN, GRIFFO, O. JOHNSON,
  LIBOUS, MORAHAN, SALAND, SEWARD, VOLKER  --  read  twice  and  ordered
  printed, and when printed to be committed 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
be offset by a loss from the sale or exchange of a capital asset in  the

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

S. 3729                             2

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.