|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 09, 2016||referred to aging|
delivered to assembly
ordered to third reading cal.1661
committee discharged and committed to rules
|May 18, 2016||referred to aging|
senate Bill S7859
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7859 (ACTIVE) - Details
S7859 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7859 TITLE OF BILL : An act to amend the real property tax law, in relation to increasing the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income PURPOSE OR GENERAL IDEA OF BILL : The purpose of this bill is to provide certain income-eligible senior citizens and persons with disabilities and limited income with relief from the burden of increasing real property taxes. SUMMARY OF SPECIFIC PROVISIONS : Section 1 amends paragraph (a) of subdivision 3 of section 467 of the Real Property Tax Law to raise the maximum income eligibility for the senior exemption from $29,000 to $50,000 beginning July 1, 2016. Section 2 amends paragraph (a) of subdivision 5 of section 459-c of The Real Property Tax Law, to raise the maximum income eligibility for real property tax exemption for the disabled from $29,000 to $50,000 beginning July 1, 2016. Section 3 is the effective date.
S7859 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7859 I N S E N A T E May 18, 2016 ___________ Introduced by Sen. STEWART-COUSINS -- 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 increasing the amount of income property owners may earn for the purpose of eligibil- ity for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income 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, AND FIFTY THOUSAND DOLLARS BEGINNING JULY FIRST, TWO THOUSAND SIXTEEN, 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 rental income, salary or earnings, and net income from self-employment, but shall not include a return of capital, gifts, inheritances, payments made to individuals because of their status as victims of Nazi perse- cution, as defined in P.L. 103-286 or monies earned through employment
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