Assembly Bill A3313

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

                                  3313

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2015
                               ___________

Introduced by M. of A. ROBINSON, ENGLEBRIGHT, ABBATE, BENEDETTO, CAHILL,
  COLTON,  DINOWITZ,  FARRELL, GUNTHER, LUPARDO, MARKEY -- read once and
  referred to the Committee on Veterans' Affairs

AN ACT to amend the real property tax law, in  relation  to  the  senior
  citizen exemption and veteran disability compensation

  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 thousand dollars  beginning  July  first,  two  thousand
nine,  as  may  be  provided  by  the local law, ordinance or resolution
adopted pursuant to this section. 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
and retirement benefits, interest, dividends, total gain from  the  sale
or  exchange  of  a capital asset which may be offset by a loss from the
sale or exchange of a capital asset in the same  income  tax  year,  net

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00882-01-5
              

A. 3313                             2

rental  income, salary or earnings, and net income from self-employment,
but shall not include a return of capital, gifts, inheritances,  VETERAN
DISABILITY  COMPENSATION,  AS  DEFINED  IN TITLE 38 OF THE UNITED STATES
CODE, payments made to individuals because of their status as victims of
Nazi  persecution,  as  defined in P.L. 103-286 or monies earned through
employment in the federal foster grandparent program and any such income
shall be offset by all medical and prescription drug  expenses  actually
paid  which were not reimbursed or paid for by insurance, if the govern-
ing board of a municipality, after a public hearing, adopts a local law,
ordinance or resolution providing therefor.   Furthermore,  such  income
shall  not  include the proceeds of a reverse mortgage, as authorized by
section six-h of the banking law, and sections two  hundred  eighty  and
two  hundred  eighty-a of the real property law; provided, however, that
monies used to repay a reverse mortgage may not be deducted from income,
and provided additionally that any interest or dividends  realized  from
the  investment of reverse mortgage proceeds shall be considered income.
[The provisions of this paragraph notwithstanding, such income shall not
include veterans disability compensation, as defined in Title 38 of  the
United  States  Code  provided the governing board of such municipality,
after public hearing,  adopts  a  local  law,  ordinance  or  resolution
providing  therefor.] In computing net rental income and net income from
self-employment no depreciation  deduction  shall  be  allowed  for  the
exhaustion,  wear  and  tear  of  real or personal property held for the
production of income;
  S 2. This act shall take effect immediately and shall apply  to  those
assessment  rolls having a taxable status date on or after January first
of the year next succeeding the year in which it  shall  have  become  a
law.