senate Bill S291A

2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 12, 2012 committee discharged and committed to rules
Feb 21, 2012 notice of committee consideration - requested
Jan 04, 2012 referred to investigations and government operations
Dec 21, 2011 print number 291a
amend and recommit to investigations and government operations
Jan 05, 2011 referred to investigations and government operations

Co-Sponsors

S291 - Details

See Assembly Version of this Bill:
A3979A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S4154A, A2744

S291 - Summary

Increases the maximum real property tax circuit breaker tax credit.

S291 - Sponsor Memo

S291 - Bill Text download pdf

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

                                   291

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sens.  MONTGOMERY,  HASSELL-THOMPSON  --  read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations

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.

Co-Sponsors

S291A (ACTIVE) - Details

See Assembly Version of this Bill:
A3979A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S4154A, A2744

S291A (ACTIVE) - Summary

Increases the maximum real property tax circuit breaker tax credit.

S291A (ACTIVE) - Sponsor Memo

S291A (ACTIVE) - Bill Text download pdf

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

                                 291--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sens.  MONTGOMERY,  HASSELL-THOMPSON  --  read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- committee discharged, bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

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.

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