|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Jan 05, 2011||referred to investigations and government operations|
senate Bill S884
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S884 - Details
S884 - Summary
Establishes the "caregiver's assistance act"; allows a personal income tax credit equal to twenty percent of qualified care expenses in an amount equal to or less than two thousand four hundred dollars for the taxable year that are paid by the taxpayer for the care of a qualifying senior family member; authorizes a basic or an enhanced (STAR) exemption on a pro-rated basis to property where a senior citizen residing with a taxpayer would otherwise meet the eligibility requirements, except for ownership requirements, and where, in the case of an enhanced exemption, the income of the senior and the spouse of the senior considered separately from the remainder of the household would meet the applicable income requirements; provides that such basic or an enhanced exemption shall be on a pro-rated basis.
S884 - Sponsor Memo
BILL NUMBER:S884 TITLE OF BILL: An act to amend the tax law and the real property tax law, in relation to establishing the Caregiver's Assistance Act PURPOSE OR GENERAL IDEA OF THE BILL: To provide tax credits and exemptions to aid those who provide informal, unpaid care of their elderly relatives. SUMMARY OF PROVISIONS: The bill makes the following changes in State tax law: Section 1. Short Title: Caregiver's Assistance Act. Section 2. Adds a new subsection (gg) to section 606 of the tax law, to provide a refundable credit to qualified taxpayers who provide informal, unpaid care to senior family members. The credit amount is 20% of the first $2,400 spent by the taxpayer on behalf of a senior relative, plus $75 for any amount spent in excess of $240. The maximum credit is thus $555. A senior family member is a person who is 60 years old or older, who is related within the third degree of consanguinity and who resides in the taxpayer's home and whose New York adjusted gross income is $13,000 or less for a single person, or $20,000 or less for a married couple. The credit is not
S884 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 884 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sens. GOLDEN, FUSCHILLO, LARKIN, MAZIARZ -- 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 and the real property tax law, in relation to establishing the Caregiver's Assistance Act THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "Caregiver's Assistance Act". S 2. Section 606 of the tax law is amended by adding a new subsection (ss) to read as follows: (SS) ELDER CARE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED UNDER SECTION SIX HUNDRED ONE OF THIS PART EQUAL TO TWENTY PERCENT OF QUALIFIED CARE EXPENSES IN AN AMOUNT EQUAL TO OR LESS THAN TWO THOUSAND FOUR HUNDRED DOLLARS FOR THE TAXABLE YEAR THAT ARE PAID BY THE TAXPAYER FOR THE CARE OF A QUALIFYING SENIOR FAMILY MEMBER. A TAXPAYER WITH QUALIFIED CARE EXPENSES PURSUANT TO THE PRECED- ING SENTENCE WHICH ARE EQUAL TO OR IN EXCESS OF TWO HUNDRED FORTY DOLLARS FOR ANY TAXABLE YEAR SHALL RECEIVE AN ADDITIONAL SEVENTY-FIVE DOLLAR CREDIT AGAINST THE TAX IMPOSED UNDER SECTION SIX HUNDRED ONE OF THIS PART. IF THE CREDIT OR CREDITS PROVIDED PURSUANT TO THIS SECTION EXCEED THE TAX FOR SUCH TAXABLE YEAR, THE TAXPAYER MAY RECEIVE, AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS AN OVERPAYMENT, WITHOUT INTEREST, ANY EXCESS BETWEEN SUCH TAX AS SO REDUCED AND THE AMOUNT OF THE CREDITOR CREDITS. IF A TAXPAYER IS NOT REQUIRED TO FILE A RETURN PURSUANT TO SECTION SIX HUNDRED ONE OF THIS PART, A TAXPAYER MAY NEVERTHELESS RECEIVE AND THE COMPTROLLER, SUBJECT TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS AN OVERPAYMENT THE FULL AMOUNT OF THE CREDIT OR CREDITS, WITHOUT INTEREST. NO CREDIT SHALL BE GRANTED UNDER THIS SUBSECTION IF NEW YORK ADJUSTED GROSS INCOME IS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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