senate Bill S938

2013-2014 Legislative Session

Relates to the definition of 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 08, 2014 referred to housing, construction and community development
Jan 09, 2013 referred to housing, construction and community development

S938 - Bill Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง2, Priv Hous Fin L
Versions Introduced in 2011-2012 Legislative Session:
S6408

S938 - Bill Texts

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Relates to the definition of income.

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BILL NUMBER:S938

TITLE OF BILL:
An act
to amend the
private housing finance law, in relation to the definition of income

SUMMARY:
This bill would amend subdivision 29 of
Section 2 of the
Private Housing Finance Law to specifically provide that an
individual's first $20,000 worth of Social Security and retirement
benefits will not be included in the definition of "income".

JUSTIFICATION:
The Federal Social Security Act
amendments of 1983
provide that, for many retirees, a substantial portion of their
social security benefits will be subject to federal income taxation
for years beginning with 1984. These benefits have historically not
been considered as "income", for purposes of the Private Housing
Finance Law and should not be so treated now. This bill would ensure
that these benefits will not be included in the computation of
"annual income", which is used for determining eligibility and
surcharges for Mitchell-Lama residents.

LEGISLATIVE HISTORY:
2012: S.2039 (Kruger)

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
This act shall take effect on the thirtieth day after
it shall have become a law.

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

                                   938

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  RIVERA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  to  amend  the  private housing finance law, in relation to the
  definition of income

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

  Section 1.  Subdivision 29 of section 2 of the private housing finance
law,  as  amended by chapter 280 of the laws of 1987, is amended to read
as follows:
  29. "Annual income" or "income". The total income as reported  in  the
New  York  state  income  tax  return, less such personal exemptions and
deductions for medical expenses as are actually taken  by  the  taxpayer
AND  LESS  SOCIAL SECURITY AND RETIREMENT BENEFITS RECEIVED AND INCLUDED
IN TAXABLE  INCOME  BUT  NOT  IN  EXCESS  OF  TWENTY  THOUSAND  DOLLARS.
Provided,  however,  that  federal  old  age,  survivors, and disability
insurance benefits shall not be deemed income in articles two, four  and
eleven  of  this  chapter. This definition shall be employed in articles
two, four, eight and eleven of this chapter in the computation of "prob-
able aggregate annual income" as therein defined.
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01323-01-3

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