| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2016 |
referred to local government |
| Mar 30, 2015 |
referred to local government |
Senate Bill S4595
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Local Government Committee
Actions
2015-S4595 (ACTIVE) - Details
2015-S4595 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4595
TITLE OF BILL:
An act to amend the real property tax law, in relation to the term
"income" for purposes of the school tax relief exemption
PURPOSE:
To expand the categories of retirement income which are not included
in the income calculation for purposes of qualifying for the STAR
exemption.
SUMMARY OF PROVISIONS:
Section 1: Amends subparagraph 2 of paragraph b, subdivision 4 of
section 425 of the real property tax law excluding from the income
calculation a distribution from an account established under section
401-K or 403-B of the United States Internal Revenue Code of 1986 as
amended or a simplified employee pension plan established pursuant to
the United States Internal Revenue Code of 1986 as amended.
JUSTIFICATION:
When the STAR real property tax relief law was introduced, the
calculation of adjusted gross income for qualification allowed an
2015-S4595 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4595
2015-2016 Regular Sessions
I N S E N A T E
March 30, 2015
___________
Introduced by Sen. NOZZOLIO -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the real property tax law, in relation to the term
"income" for purposes of the school tax relief exemption
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subparagraph (ii) of paragraph (b) of subdivision 4 of
section 425 of the real property tax law, as amended by section 3 of
part E of chapter 83 of the laws of 2002, is amended to read as follows:
(ii) The term "income" as used herein shall mean the "adjusted gross
income" for federal income tax purposes as reported on the applicant's
federal or state income tax return for the applicable income tax year,
subject to any subsequent amendments or revisions, reduced by distrib-
utions, to the extent included in federal adjusted gross income,
received from an individual retirement account [and], an individual
retirement annuity, A DISTRIBUTION FROM AN ACCOUNT ESTABLISHED UNDER
SECTION 401(K) OR 403(B) OF THE UNITED STATES INTERNAL REVENUE CODE OF
1986 AS AMENDED, OR A SIMPLIFIED EMPLOYEE PENSION PLAN (SEP) ESTABLISHED
PURSUANT TO THE UNITED STATES INTERNAL REVENUE CODE OF 1986 AS AMENDED;
provided that if no such return was filed for the applicable income tax
year, "income" shall mean the adjusted gross income that would have been
so reported if such a return had been filed.
S 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07286-01-5
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