senate Bill S6645

2013-2014 Legislative Session

Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • 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
Feb 21, 2014 referred to aging

S6645 - Details

Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง467, RPT L

S6645 - Summary

Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions.

S6645 - Sponsor Memo

S6645 - Bill Text download pdf

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

                                  6645

                            I N  S E N A T E

                            February 21, 2014
                               ___________

Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Aging

AN ACT to amend the real property tax law, in relation to  allowing  for
  increases  in  the  amount  of  income  property  owners  may earn for
  purposes of qualification for certain tax exemptions

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

  Section  1.  Paragraph (a) of subdivision 3 of section 467 of the real
property tax law, as amended by chapter 259 of  the  laws  of  2009,  is
amended to read as follows:
  (a) if the income of the owner or the combined income of the owners of
the  property  for the income tax year immediately preceding the date of
making application for exemption  exceeds  the  sum  of  three  thousand
dollars,  or  such  other  sum not less than three thousand dollars [nor
more than twenty-six thousand dollars beginning July first, two thousand
six, twenty-seven thousand dollars beginning July  first,  two  thousand
seven,  twenty-eight thousand dollars beginning July first, two thousand
eight, and twenty-nine],  THIRTY-TWO  thousand  dollars  beginning  July
first,  two  thousand  [nine]  FOURTEEN, as may be provided by the local
law, ordinance or resolution adopted pursuant to this section; PROVIDED,
HOWEVER, BEGINNING JULY FIRST, TWO THOUSAND SIXTEEN AND EVERY TWO  YEARS
THEREAFTER,  THE  MAXIMUM ALLOWABLE INCOME SHALL INCREASE BY THE PRODUCT
OF THE AVERAGE ANNUAL PERCENTAGE CHANGES IN THE CONSUMER PRICE INDEX FOR
ALL URBAN CONSUMERS (CPI-U) AS PUBLISHED BY THE UNITED STATES DEPARTMENT
OF LABOR BUREAU OF LABOR STATISTICS FOR THE TWO YEAR PERIOD  ROUNDED  TO
THE NEAREST ONE THOUSAND DOLLARS.  Income tax year shall mean the twelve
month  period  for  which  the  owner or owners filed a federal personal
income tax return, or if no such return is  filed,  the  calendar  year.
Where  title is vested in either the husband or the wife, their combined
income may not exceed such sum, except where the  husband  or  wife,  or
ex-husband or ex-wife is absent from the property as provided in subpar-
agraph  (ii)  of paragraph (d) of this subdivision, then only the income
of the spouse or ex-spouse residing on the property shall be  considered
and  may  not exceed such sum. Such income shall include social security

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

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