assembly Bill A3979A

2011-2012 Legislative Session

Relates to increasing the maximum real property tax circuit breaker tax credit

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 19, 2012 held for consideration in ways and means
Jan 04, 2012 print number 3979a
amend and recommit to ways and means
referred to ways and means
Jan 31, 2011 referred to ways and means

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

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A3979 - Bill Details

See Senate Version of this Bill:
S291A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A2744, S4154A

A3979 - Bill Texts

view summary

Increases the maximum real property tax circuit breaker tax credit.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3979

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 31, 2011
                               ___________

Introduced  by  M.  of A. ROBINSON, COLTON, STEVENSON, GIBSON, JAFFEE --
  Multi-Sponsored by -- M. of  A.  AMEDORE,  CERETTO,  CROUCH,  SAYWARD,
  SWEENEY, THIELE -- read once and referred to the Committee on Ways and
  Means

AN  ACT to amend the tax law, in relation to increasing the maximum real
  property tax circuit breaker credit

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

  Section  1.  Paragraph  3  of subsection (e) of section 606 of the tax
law, as amended by chapter 28 of the laws of 1987, is amended to read as
follows:
  (3) Determination of credit. (A)  For  qualified  taxpayers  who  have
attained  the  age of sixty-five years before the beginning of or during
the  taxable  year  the  amount  of  the  credit  allowable  under  this
subsection shall be fifty percent, or in the case of a qualified taxpay-
er  who has elected to include an additional amount pursuant to subpara-
graph (E) of paragraph one of this subsection, twenty-five  percent,  of
the  excess  of  real  property taxes or the excess of real property tax
equivalent determined as follows:

                                   Excess real property  taxes  are  the
                                   excess  of  real  property tax equiv-
                                   alent or the excess of qualifying
                                   real property taxes over the follow-
If household gross income for      ing percentage of household gross
the taxable year is:               income:
_____________________________       ____________________________________

$3,000 or less                                       3 1/2
Over $3,000 but not over $5,000                      4
Over $5,000 but not over $7,000                      4 1/2

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01411-01-1

A. 3979                             2

Over $7,000 but not over $9,000                      5
Over $9,000 but not over $11,000                     5 1/2
Over $11,000 but not over $14,000                    6
Over $14,000 but not over $18,000                    6 1/2

  Notwithstanding  the  foregoing  provisions, the maximum credit deter-
mined under this subparagraph may not exceed the  amount  determined  in
accordance with the following table:

If household gross income          The maximum credit is:
for the taxable year is:
_________________________________   ____________________________________
$1,000 or less                                     [$375] $750
Over $1,000 but not over $2,000                    [$358] $716
Over $2,000 but not over $3,000                    [$341] $682
Over $3,000 but not over $4,000                    [$324] $648
Over $4,000 but not over $5,000                    [$307] $614
Over $5,000 but not over $6,000                    [$290] $580
Over $6,000 but not over $7,000                    [$273] $546
Over $7,000 but not over $8,000                    [$256] $512
Over $8,000 but not over $9,000                    [$239] $478
Over $9,000 but not over $10,000                   [$222] $444
Over $10,000 but not over $11,000                  [$205] $410
Over $11,000 but not over $12,000                  [$188] $376
Over $12,000 but not over $13,000                  [$171] $342
Over $13,000 but not over $14,000                  [$154] $308
Over $14,000 but not over $15,000                  [$137] $274
Over $15,000 but not over $16,000                  [$120] $240
Over $16,000 but not over $17,000                  [$103] $206
Over $17,000 but not over $18,000                  [$ 86] $172

  (B)  For all other qualified taxpayers the amount of the credit allow-
able under this subsection shall be fifty percent of excess real proper-
ty taxes or the excess of the real property tax equivalent determined as
follows:

                                   Excess real property  taxes  are  the
                                   excess  of  real  property tax equiv-
                                   alent or the excess of qualifying
                                   real property taxes over the follow-
If household gross income for      ing percentage of household gross
the taxable year is:               income:
_____________________________       ____________________________________

$3,000 or less                                     3 1/2
Over $3,000 but not over $5,000                    4
Over $5,000 but not over $7,000                    4 1/2
Over $7,000 but not over $9,000                    5
Over $9,000 but not over $11,000                   5 1/2
Over $11,000 but not over $14,000                  6
Over $14,000 but not over $18,000                  6 1/2

  Notwithstanding the foregoing provisions, the  maximum  credit  deter-
mined  under  this  subparagraph may not exceed the amount determined in
accordance with the following table:

A. 3979                             3

If household gross income for
the taxable year is:               The maximum credit is:
______________________________      ____________________________________
$1,000 or less                                     [$75] $150
Over $1,000 but not over $2,000                    [$73] $146
Over $2,000 but not over $3,000                    [$71] $142
Over $3,000 but not over $4,000                    [$69] $138
Over $4,000 but not over $5,000                    [$67] $134
Over $5,000 but not over $6,000                    [$65] $130
Over $6,000 but not over $7,000                    [$63] $126
Over $7,000 but not over $8,000                    [$61] $122
Over $8,000 but not over $9,000                    [$59] $118
Over $9,000 but not over $10,000                   [$57] $114
Over $10,000 but not over $11,000                  [$55] $110
Over $11,000 but not over $12,000                  [$53] $106
Over $12,000 but not over $13,000                  [$51] $102
Over $13,000 but not over $14,000                  [$49] $98
Over $14,000 but not over $15,000                  [$47] $94
Over $15,000 but not over $16,000                  [$45] $90
Over $16,000 but not over $17,000                  [$43] $86
Over $17,000 but not over $18,000                  [$41] $82

  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2012.

Co-Sponsors

view all co-sponsors

A3979A (ACTIVE) - Bill Details

See Senate Version of this Bill:
S291A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A2744, S4154A

A3979A (ACTIVE) - Bill Texts

view summary

Increases the maximum real property tax circuit breaker tax credit.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3979--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 31, 2011
                               ___________

Introduced  by  M.  of  A.  ROBINSON, COLTON, STEVENSON, GIBSON, JAFFEE,
  WEPRIN -- Multi-Sponsored by -- M. of  A.  AMEDORE,  CERETTO,  CROUCH,
  GABRYSZAK,  SAYWARD,  SWEENEY, THIELE -- read once and referred to the
  Committee on Ways and Means --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT to amend the tax law, in relation to increasing the maximum real
  property tax circuit breaker credit

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

  Section  1.  Paragraph  3  of subsection (e) of section 606 of the tax
law, as amended by chapter 28 of the laws of 1987, is amended to read as
follows:
  (3) Determination of credit. (A)  For  qualified  taxpayers  who  have
attained  the  age of sixty-five years before the beginning of or during
the  taxable  year  the  amount  of  the  credit  allowable  under  this
subsection shall be fifty percent, or in the case of a qualified taxpay-
er  who has elected to include an additional amount pursuant to subpara-
graph (E) of paragraph one of this subsection, twenty-five  percent,  of
the  excess  of  real  property taxes or the excess of real property tax
equivalent determined as follows:

                                   Excess real property  taxes  are  the
                                   excess  of  real  property tax equiv-
                                   alent or the excess of qualifying
                                   real property taxes over the follow-
If household gross income for      ing percentage of household gross
the taxable year is:               income:
_____________________________       ____________________________________

$3,000 or less                                       3 1/2

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01411-03-1

A. 3979--A                          2

Over $3,000 but not over $5,000                      4
Over $5,000 but not over $7,000                      4 1/2
Over $7,000 but not over $9,000                      5
Over $9,000 but not over $11,000                     5 1/2
Over $11,000 but not over $14,000                    6
Over $14,000 but not over $18,000                    6 1/2

  Notwithstanding  the  foregoing  provisions, the maximum credit deter-
mined under this subparagraph may not exceed the  amount  determined  in
accordance with the following table:

If household gross income          The maximum credit is:
for the taxable year is:
_________________________________   ____________________________________
$1,000 or less                                     [$375] $750
Over $1,000 but not over $2,000                    [$358] $716
Over $2,000 but not over $3,000                    [$341] $682
Over $3,000 but not over $4,000                    [$324] $648
Over $4,000 but not over $5,000                    [$307] $614
Over $5,000 but not over $6,000                    [$290] $580
Over $6,000 but not over $7,000                    [$273] $546
Over $7,000 but not over $8,000                    [$256] $512
Over $8,000 but not over $9,000                    [$239] $478
Over $9,000 but not over $10,000                   [$222] $444
Over $10,000 but not over $11,000                  [$205] $410
Over $11,000 but not over $12,000                  [$188] $376
Over $12,000 but not over $13,000                  [$171] $342
Over $13,000 but not over $14,000                  [$154] $308
Over $14,000 but not over $15,000                  [$137] $274
Over $15,000 but not over $16,000                  [$120] $240
Over $16,000 but not over $17,000                  [$103] $206
Over $17,000 but not over $18,000                  [$ 86] $172

  (B)  For all other qualified taxpayers the amount of the credit allow-
able under this subsection shall be fifty percent of excess real proper-
ty taxes or the excess of the real property tax equivalent determined as
follows:

                                   Excess real property  taxes  are  the
                                   excess  of  real  property tax equiv-
                                   alent or the excess of qualifying
                                   real property taxes over the follow-
If household gross income for      ing percentage of household gross
the taxable year is:               income:
_____________________________       ____________________________________

$3,000 or less                                     3 1/2
Over $3,000 but not over $5,000                    4
Over $5,000 but not over $7,000                    4 1/2
Over $7,000 but not over $9,000                    5
Over $9,000 but not over $11,000                   5 1/2
Over $11,000 but not over $14,000                  6
Over $14,000 but not over $18,000                  6 1/2

A. 3979--A                          3

  Notwithstanding the foregoing provisions, the  maximum  credit  deter-
mined  under  this  subparagraph may not exceed the amount determined in
accordance with the following table:

If household gross income for
the taxable year is:               The maximum credit is:
______________________________      ____________________________________
$1,000 or less                                     [$75] $150
Over $1,000 but not over $2,000                    [$73] $146
Over $2,000 but not over $3,000                    [$71] $142
Over $3,000 but not over $4,000                    [$69] $138
Over $4,000 but not over $5,000                    [$67] $134
Over $5,000 but not over $6,000                    [$65] $130
Over $6,000 but not over $7,000                    [$63] $126
Over $7,000 but not over $8,000                    [$61] $122
Over $8,000 but not over $9,000                    [$59] $118
Over $9,000 but not over $10,000                   [$57] $114
Over $10,000 but not over $11,000                  [$55] $110
Over $11,000 but not over $12,000                  [$53] $106
Over $12,000 but not over $13,000                  [$51] $102
Over $13,000 but not over $14,000                  [$49] $98
Over $14,000 but not over $15,000                  [$47] $94
Over $15,000 but not over $16,000                  [$45] $90
Over $16,000 but not over $17,000                  [$43] $86
Over $17,000 but not over $18,000                  [$41] $82

  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2013.

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