|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Mar 22, 2011||referred to investigations and government operations|
senate Bill S4171
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4171 (ACTIVE) - Details
S4171 (ACTIVE) - Summary
Relates to creating the middle class circuit breaker tax credit; to amend the tax law, in relation to person income tax; to amend the state finance law, in relation to establishing the real property tax circuit breaker account and the education financing account; and directing the commissioner of taxation and finance to adjust certain withholding tables and methods.
S4171 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4171 TITLE OF BILL: An act to amend the tax law, in relation to personal income tax; to amend the state finance law, in relation to establishing the real property tax circuit breaker account and the education financing account; and directing the commissioner of taxation and finance to adjust certain withholding tables and methods PURPOSE: To enact a fair and responsible measure to control and reduce property taxes for New Yorkers. SUMMARY OF PROVISIONS: Provides for a "circuit breaker" for taxpayers earning up to $250,000 per year who pay a disproportionate share of their income in property taxes. New Yorkers would receive a credit on their 2012 income taxes depending on their income level and the percentage of property taxes they pay as a portion of their income. The tax credit would consist of 70% of any amount paid in property taxes beyond the percentages and income levels are noted below: HOUSEHOLD GROSS INCOME MAXIMUM REAL PROPERTY TAX
S4171 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4171 2011-2012 Regular Sessions I N S E N A T E March 22, 2011 ___________ Introduced by Sen. BONACIC -- 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 personal income tax; to amend the state finance law, in relation to establishing the real property tax circuit breaker account and the education financing account; and directing the commissioner of taxation and finance to adjust certain withholding tables and methods THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (ss) to read as follows: (SS) MIDDLE CLASS CIRCUIT BREAKER CREDIT. (1) DEFINITIONS. FOR THE PURPOSES OF THIS SUBSECTION: (A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE WHO OWNS OR RENTS THE RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES, AND HAS RESIDED IN SUCH RESIDENTIAL REAL PROPERTY FOR NOT LESS THAN FIVE YEARS. THE DEPARTMENT MAY REQUIRE SUCH PROOF AS IT DEEMS NECESSARY TO ESTABLISH CRITERIA SUFFICIENT TO DEMONSTRATE THAT A TAXPAYER MEETS AND HAS MET THESE QUALIFICATIONS FOR A PERIOD OF AT LEAST FIVE YEARS. EVIDENCE OF RESIDENCE SHALL REQUIRE THE TAXPAYER TO HAVE RESIDED ON THE RESIDENTIAL PROPERTY AT LEAST ONE HUNDRED NINETY DAYS A YEAR AND, UNLESS GOOD CAUSE IS SHOWN PURSUANT TO A DETERMINATION OF THE COMMISSIONER, TO HAVE LIVED AT SUCH RESIDENCE AT LEAST ONE HUNDRED TWENTY DAYS PER YEAR CONSECUTIVELY FOR EACH OF THOSE YEARS. EVIDENCE MAY ALSO INCLUDE, BUT IS NOT LIMITED TO, DRIVER'S LICENSE, WORKPLACE LOCATION IN COMPARISON TO OTHER PROPERTY WHERE SUCH TAXPAYER MAY RESIDE AT OR BE DOMICILED AT, AND VOTER REGISTRATION STATUS. (B) "HOUSEHOLD" OR "MEMBERS OF THE HOUSEHOLD" MEANS A QUALIFIED TAXPAYER OR QUALIFIED TAXPAYERS AND ALL OTHER PERSONS, NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY OWNED BY THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10316-02-1
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