S T A T E O F N E W Y O R K
________________________________________________________________________
1340
2011-2012 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 5, 2011
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Introduced by M. of A. DESTITO, ENGLEBRIGHT -- read once and referred to
the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to authorizing
localities to use the federal definition of income
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 3 of section 467 of the real property tax law
is amended by adding a new paragraph (a-1) to read as follows:
(A-1) A MUNICIPAL CORPORATION MAY, UPON ENACTMENT BY THE GOVERNING
BODY OF SUCH MUNICIPAL CORPORATION OF A LOCAL LAW, ORDINANCE OR RESOL-
UTION, ELECT TO MODIFY THE DEFINITION OF INCOME AS DESCRIBED IN PARA-
GRAPH (A) OF THIS SUBDIVISION FOR DETERMINING ELIGIBILITY FOR AN
EXEMPTION PURSUANT TO THIS SECTION, AS STATED IN PARAGRAPH (A) OF THIS
SUBDIVISION, TO MEAN "FEDERAL ADJUSTED GROSS INCOME" ALLOWED TO BE
SUBMITTED BY THE APPLICANT TO SECURE THE EXEMPTION AVAILABLE UNDER
SECTION FOUR HUNDRED TWENTY-FIVE OF THIS TITLE. SUCH A LOCAL LAW, ORDI-
NANCE OR RESOLUTION MAY ALSO INCLUDE ANY LOCAL OPTION EXCLUSIONS FROM
INCOME CONTAINED IN PARAGRAPH (A) OF THIS SUBDIVISION.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01693-01-1