senate Bill S291A

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
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

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S291 - Bill 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 - Bill Texts

view summary

Increases the maximum real property tax circuit breaker tax credit.

view sponsor memo
BILL NUMBER:S291

TITLE OF BILL:
An act
to amend the tax law, in relation to increasing the maximum real
property tax circuit breaker credit

PURPOSE OR GENERAL IDEA OF BILL:
To enable elderly and moderate income homeowners and renters to
receive a real property tax credit or rebate that is reflective of
current living costs and trends. The "circuit breaker" credit has not
been increased since 1987.

SUMMARY OF SPECIFIC PROVISIONS:
In accordance with various provisions of the state tax law, the bill
doubles the allowable "circuit breaker" tax credit for homeowners and
renters.

JUSTIFICATION:
Tax credits or rebates are provided to homeowners and renters who are
paying a disproportionate amount on housing expenses in relation to
their household income. The current tax credit/rebate is not
proportionate to existing cost of living expenses, as it has not been
increased since 1987.
Individuals may file for a "circuit-breaker" credit on their annual
income Tax Form IT-214, and may also qualify for a rebate without
paying income tax.

PRIOR LEGISLATIVE HISTORY:
2010: S.4154 - Died in Committee
2008: S.4774 - Died in Committee
2006: S.7470 - Died in Committee

FISCAL IMPLICATIONS:
This measure reduces state revenues by approximately $32 million
annually.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2012.

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                    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.
                                                           LBD01411-01-1

S. 291                              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:

S. 291                              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

S291A (ACTIVE) - Bill 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) - Bill Texts

view summary

Increases the maximum real property tax circuit breaker tax credit.

view sponsor memo
BILL NUMBER:S291A

TITLE OF BILL:
An act
to amend the tax law, in relation to increasing the maximum real
property tax circuit breaker credit

PURPOSE:
To enable elderly and moderate income homeowners and renters to
receive a real property tax credit or rebate that is reflective of
current living costs and trends. The "circuit breaker" credit has not
been increased since 1987.

SUMMARY OF PROVISIONS:
In accordance with various provisions of the state tax law, the bill
doubles the allowable "circuit breaker" tax credit for homeowners and
renters.

JUSTIFICATION:
Tax credits or rebates are provided to homeowners and renters who are
paying a disproportionate amount on housing expenses in relation to
their household income. The current tax credit/rebate is not
proportionate to existing cost of living expenses, as it has not been
increased since 1987. Individuals may file for a "circuit breaker"
credit on their annual income Tax Form IT-2l4, and may also qualify
for a rebate without paying income tax.

LEGISLATIVE HISTORY:
2010: S.4154 - Died in Committee
2008: S.4774 - Died in Committee
2006: S.7470 - Died in Committee

FISCAL IMPLICATIONS:
This measure reduces state revenues by approximately $32 million
annually.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2013.

view full 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.
                                                           LBD01411-02-1

S. 291--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

S. 291--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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