senate Bill S1421A

2013-2014 Legislative Session

Establishes a personal income tax credit for portion of residential real property taxes which exceeds a certain percentage of the household gross income

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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
Jan 29, 2014 print number 1421a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S1421 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1796
2009-2010: S4165

S1421 - Summary

Establishes a personal income tax credit for a portion of a taxpayer's residential real property taxes which exceeds a certain percentage of the taxpayer's household gross income; provides that the taxpayer shall have resided in such residential real property for not less than 10 years; provides that such credit shall not apply to taxpayers whose household gross income exceeds $250,000 or who have received the school tax relief exemption on such real property.

S1421 - Sponsor Memo

S1421 - Bill Text download pdf

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

                                  1421

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

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 establishing the maximum
  residential real property, personal income tax credit

  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 (vv) to read as follows:
  (VV) MAXIMUM RESIDENTIAL REAL PROPERTY TAX  CREDIT.  (1)  DEFINITIONS.
FOR THE PURPOSES OF THIS SUBSECTION:
  (A)  "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE WHO
OWNS THE RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES,  AND  HAS
RESIDED IN SUCH RESIDENTIAL REAL PROPERTY FOR NOT LESS THAN TEN YEARS.
  (B) "HOUSEHOLD" MEANS THE TAXPAYER OR TAXPAYERS AND ALL OTHER PERSONS,
NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY
OWNED  BY  THE TAXPAYER OR TAXPAYERS, AND SHARE ITS FURNISHINGS, FACILI-
TIES AND ACCOMMODATIONS; PROVIDED THAT NO PERSON MAY BE A MEMBER OF MORE
THAN ONE HOUSEHOLD AT ONE TIME.
  (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
OF ALL MEMBERS OF THE HOUSEHOLD FOR THE TAXABLE YEAR; PROVIDED THAT SUCH
TERM SHALL ONLY INCLUDE ALL SUCH INCOME RECEIVED BY ALL MEMBERS  OF  THE
HOUSEHOLD WHILE MEMBERS OF SUCH HOUSEHOLD.
  (D)  "NET REAL PROPERTY TAX" MEANS THE REAL PROPERTY TAXES ASSESSED ON
THE RESIDENTIAL REAL PROPERTY OWNED AND  OCCUPIED  BY  THE  TAXPAYER  OR
TAXPAYERS AFTER ANY EXEMPTION OR ABATEMENT RECEIVED PURSUANT TO THE REAL
PROPERTY TAX LAW.
  (2) CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
TAXES  IMPOSED  BY  THIS ARTICLE, EQUAL TO SEVENTY PERCENT OF THE AMOUNT
WHICH THE TAXPAYER'S NET REAL PROPERTY TAX EXCEEDS THE TAXPAYER'S  MAXI-

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

Co-Sponsors

S1421A (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1796
2009-2010: S4165

S1421A (ACTIVE) - Summary

Establishes a personal income tax credit for a portion of a taxpayer's residential real property taxes which exceeds a certain percentage of the taxpayer's household gross income; provides that the taxpayer shall have resided in such residential real property for not less than 10 years; provides that such credit shall not apply to taxpayers whose household gross income exceeds $250,000 or who have received the school tax relief exemption on such real property.

S1421A (ACTIVE) - Sponsor Memo

S1421A (ACTIVE) - Bill Text download pdf

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

                                 1421--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

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 -- recommitted to the Commit-
  tee  on  Investigations  and  Government Operations in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the tax law, in relation to establishing the maximum
  residential real property, personal income tax credit

  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 (vv-1) to read as follows:
  (VV-1) MAXIMUM RESIDENTIAL REAL PROPERTY TAX CREDIT. (1)  DEFINITIONS.
FOR THE PURPOSES OF THIS SUBSECTION:
  (A)  "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE WHO
OWNS THE RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES,  AND  HAS
RESIDED IN SUCH RESIDENTIAL REAL PROPERTY FOR NOT LESS THAN TEN YEARS.
  (B) "HOUSEHOLD" MEANS THE TAXPAYER OR TAXPAYERS AND ALL OTHER PERSONS,
NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY
OWNED  BY  THE TAXPAYER OR TAXPAYERS, AND SHARE ITS FURNISHINGS, FACILI-
TIES AND ACCOMMODATIONS; PROVIDED THAT NO PERSON MAY BE A MEMBER OF MORE
THAN ONE HOUSEHOLD AT ONE TIME.
  (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
OF ALL MEMBERS OF THE HOUSEHOLD FOR THE TAXABLE YEAR; PROVIDED THAT SUCH
TERM SHALL ONLY INCLUDE ALL SUCH INCOME RECEIVED BY ALL MEMBERS  OF  THE
HOUSEHOLD WHILE MEMBERS OF SUCH HOUSEHOLD.
  (D)  "NET REAL PROPERTY TAX" MEANS THE REAL PROPERTY TAXES ASSESSED ON
THE RESIDENTIAL REAL PROPERTY OWNED AND  OCCUPIED  BY  THE  TAXPAYER  OR
TAXPAYERS AFTER ANY EXEMPTION OR ABATEMENT RECEIVED PURSUANT TO THE REAL
PROPERTY TAX LAW.

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

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