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Assembly Bill A2395

2015-2016 Legislative Session

Provides for determination of real property eligible for real property tax circuit breaker credit on personal income taxes

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Archive: Last Bill Status - In Assembly Committee

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2015-A2395 (ACTIVE) - Details

Current Committee:
Assembly Aging
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3857
2011-2012: A4538
2013-2014: A5491
2017-2018: A1483
2019-2020: A2111

2015-A2395 (ACTIVE) - Summary

Changes the value of real estate to qualify for income tax circuit breaker credit from a full value which exceeds $85,000 to a full value which exceeds the median sale price of the county in which the real property is located or $85,000, whichever is greater.

2015-A2395 (ACTIVE) - Bill Text download pdf 

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

                                  2395

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 16, 2015
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
  Committee on Aging

AN ACT to amend the tax law, in relation to  the  determination  of  the
  value  of  real  estate  for  purposes  of qualifying for the personal
  income tax real property tax circuit breaker credit

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

  Section  1.  Subparagraph  (C)  of  paragraph  7  of subsection (e) of
section 606 of the tax law, as amended by chapter  28  of  the  laws  of
1987, is amended to read as follows:
  (C)  To  a  property  owner  who owns real property, the full value of
which exceeds eighty-five thousand dollars OR THE MEDIAN SALES PRICE  OF
REAL  PROPERTY  IN  THE  COUNTY  IN  WHICH THE REAL PROPERTY IS LOCATED,
WHICHEVER IS GREATER, AS DETERMINED BY THE COMMISSIONER.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2016.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06626-01-5

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