| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to investigations and government operations |
| Apr 15, 2009 |
referred to investigations and government operations |
Senate Bill S4165
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
co-Sponsors
(D, WF) Senate District
(D) Senate District
2009-S4165 (ACTIVE) - Details
2009-S4165 (ACTIVE) - Summary
Establishes a personal income tax credit for a portion of a taxpayer's residential real property taxes which exceeds a certain percentage of the taxpayer's household gross income; provides that the taxpayer shall have resided in such residential real property for not less than 10 years; provides that such credit shall not apply to taxpayers whose household gross income exceeds $250,000 or who have received the school tax relief exemption on such real property.
2009-S4165 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4165
TITLE OF BILL :
An act to amend the tax law, in relation to establishing the maximum
residential real property, personal income tax credit
PURPOSE :
To place a limit on the real property tax for certain property owners
and provide a personal income tax credit for certain property
taxpayers.
SUMMARY OF PROVISIONS :
Section 1 - adds a new subsection (qq) to section 606 to the tax law
to provide for a maximum real property tax credit for the following
household gross incomes: $25,000 or less, four percent of the
household gross income; more than $25,000, but less than or equal to
$50,000, five percent of the household gross income; more than $50,000
but less than or equal to 100,000, six percent of the household gross
income; more than $100,000 but less than or equal to $150,000, seven
percent of the household gross income; more than $150,000, but less
than or equal to $200,000 eight percent of the household gross income;
and more than $200,000, but less than or equal to $250,000, nine
percent of the household gross income. To qualify, the taxpayer must
have resided in the home for not less than ten years and must forfeit
any benefit from the STAR program. The credit will equal seventy
2009-S4165 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4165
2009-2010 Regular Sessions
I N S E N A T E
April 15, 2009
___________
Introduced by Sens. MONTGOMERY, THOMPSON -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
AN ACT to amend the tax law, in relation to establishing the maximum
residential real property, personal income tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 606 of the tax law is amended by adding a new
subsection (qq) to read as follows:
(QQ) MAXIMUM RESIDENTIAL REAL PROPERTY TAX CREDIT. (1) DEFINITIONS.
FOR THE PURPOSES OF THIS SUBSECTION:
(A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE WHO
OWNS THE RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES, AND HAS
RESIDED IN SUCH RESIDENTIAL REAL PROPERTY FOR NOT LESS THAN TEN YEARS.
(B) "HOUSEHOLD" MEANS THE TAXPAYER OR TAXPAYERS AND ALL OTHER PERSONS,
NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY
OWNED BY THE TAXPAYER OR TAXPAYERS, AND SHARE ITS FURNISHINGS, FACILI-
TIES AND ACCOMMODATIONS; PROVIDED THAT NO PERSON MAY BE A MEMBER OF MORE
THAN ONE HOUSEHOLD AT ONE TIME.
(C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
OF ALL MEMBERS OF THE HOUSEHOLD FOR THE TAXABLE YEAR; PROVIDED THAT SUCH
TERM SHALL ONLY INCLUDE ALL SUCH INCOME RECEIVED BY ALL MEMBERS OF THE
HOUSEHOLD WHILE MEMBERS OF SUCH HOUSEHOLD.
(D) "NET REAL PROPERTY TAX" MEANS THE REAL PROPERTY TAXES ASSESSED ON
THE RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED BY THE TAXPAYER OR
TAXPAYERS AFTER ANY EXEMPTION OR ABATEMENT RECEIVED PURSUANT TO THE REAL
PROPERTY TAX LAW.
(2) CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
TAXES IMPOSED BY THIS ARTICLE, EQUAL TO SEVENTY PERCENT OF THE AMOUNT
WHICH THE TAXPAYER'S NET REAL PROPERTY TAX EXCEEDS THE TAXPAYER'S MAXI-
MUM REAL PROPERTY TAX, AS DETERMINED BY PARAGRAPH THREE OF THIS
SUBSECTION. IF SUCH CREDIT EXCEEDS THE TAX FOR SUCH TAXABLE YEAR, AS
REDUCED BY THE OTHER CREDITS PERMITTED BY THIS ARTICLE, THE QUALIFIED
TAXPAYER MAY RECEIVE, AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF
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