S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1344
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2017
                                ___________
 
 Introduced  by  M.  of A. ZEBROWSKI, THIELE -- read once and referred to
   the Committee on Aging
 
 AN ACT to amend the real property tax law, in relation to the real prop-
   erty school tax exemption granted to persons sixty-five years  of  age
   or over
 
   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 EITHER OF the TWO income tax [year]  YEARS  immediately
 preceding  the  date of making application for exemption exceeds the sum
 of three thousand dollars, or such other sum not less than  three  thou-
 sand  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]  TWO
 INCOME tax [year] YEARS shall mean the [twelve] TWENTY-FOUR 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 subparagraph (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 retire-
 ment 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04443-01-7

 A. 1344                             2
 
 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
 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 governing 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;
   § 2. This act shall take effect immediately.