Assembly Bill A5308

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5308
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 7, 2017
                                ___________
 
 Introduced  by  M. of A. WRIGHT, ENGLEBRIGHT, ABBATE, BENEDETTO, CAHILL,
   COLTON, DINOWITZ, FARRELL, GUNTHER, LUPARDO -- 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.
              

                                                            LBD00683-01-7

 A. 5308                             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;
   § 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.