senate Bill S137

2011-2012 Legislative Session

Establishes a personal income tax credit for portion of residential real property taxes which exceeds a certain percentage of the household gross income

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Investigations And Government Operations Committee

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

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 05, 2011 referred to investigations and government operations

S137 - Details

See Assembly Version of this Bill:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S253, A7094

S137 - 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 5 years; provides that such credit shall not apply to taxpayers who have claimed the real property tax circuit breaker credit during the taxable year.

S137 - Sponsor Memo

S137 - Bill Text download pdf

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


                       2011-2012 Regular Sessions

                            I N  S E N A T E


                             January 5, 2011

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to the school district property
  tax credit and establishing the  maximum  residential  real  property,
  personal income tax credit


  Section 1.   Subparagraph (E) of paragraph  1  of  subsection  (e)  of
section  606  of  the  tax law, as amended by chapter 105 of the laws of
2006, is amended to read as follows:
  (E) "Qualifying real property taxes" means all  real  property  taxes,
special  ad  valorem levies and special assessments, exclusive of penal-
ties and interest, levied on the residence of a qualified  taxpayer  and
paid  during  the taxable year [less the credit claimed under subsection
(n-1) of this section]. In addition, for taxable years  beginning  after
December thirty-first, nineteen hundred eighty-four, a qualified taxpay-
er  may  elect  to  include  any  additional amount that would have been
levied in the absence of an exemption from real property taxation pursu-
ant to section four hundred sixty-seven of the real property tax law. If
tenant-stockholders in a cooperative housing corporation  have  met  the
requirements of section two hundred sixteen of the internal revenue code
by  which they are allowed a deduction for real estate taxes, the amount
of taxes so allowable, or which would be allowable if the  taxpayer  had
filed  returns on a cash basis, shall be qualifying real property taxes.
If a residence is owned by two or more individuals as joint  tenants  or
tenants  in  common, and one or more than one individual is not a member
of the household, qualifying real property taxes is that  part  of  such
taxes  on  the  residence which reflects the ownership percentage of the
qualified taxpayer and members of his household. If a  residence  is  an

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


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