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Senate Bill S7421

2011-2012 Legislative Session

Authorizes municipalities to grant a real property tax credit during the first year a veteran or veterans become eligible for the alternative veterans exemption

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Veterans, Homeland Security And Military Affairs Committee

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2011-S7421 (ACTIVE) - Details

Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง458-a, RPT L

2011-S7421 (ACTIVE) - Summary

Authorizes municipalities to grant a real property tax credit during the first year a veteran or veterans become eligible for the alternative veterans tax exemption.

2011-S7421 (ACTIVE) - Sponsor Memo

2011-S7421 (ACTIVE) - Bill Text download pdf 

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

                                  7421

                            I N  S E N A T E

                              May 11, 2012
                               ___________

Introduced  by  Sen. JOHNSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Veterans, Homeland Securi-
  ty and Military Affairs

AN ACT to amend the real property tax law, in  relation  to  authorizing
  municipalities  to establish a property tax credit for the first taxa-
  ble year in which an alternative veterans exemption is granted

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

  Section 1. Subdivision 2 of section 458-a of the real property tax law
is amended by adding a new paragraph (c-1) to read as follows:
  (C-1)  IN  ADDITION  TO THE EXEMPTIONS PROVIDED BY PARAGRAPHS (A), (B)
AND (C) OF THIS SUBDIVISION, A COUNTY, TOWN OR VILLAGE MAY BY LOCAL  LAW
ESTABLISH AND IMPLEMENT A REAL PROPERTY TAX CREDIT APPLICABLE DURING THE
FIRST  YEAR IN WHICH QUALIFYING RESIDENTIAL REAL PROPERTY BECOMES EXEMPT
PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION. THE AMOUNT OF SUCH CREDIT
SHALL NOT EXCEED TWO HUNDRED FIFTY DOLLARS FOR EACH VETERAN WHO OWNS THE
QUALIFYING RESIDENTIAL REAL PROPERTY; PROVIDED THAT IN  NO  EVENT  SHALL
THE  CREDIT GRANTED TO ANY SUCH REAL PROPERTY EXCEED SEVEN HUNDRED FIFTY
DOLLARS.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15763-02-2

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