NY State Senate Bill 2017-S14

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to investigations and government operations
Jan 04, 2017	referred to investigations and government operations

2017-S14 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in 2015-2016 Legislative Session:: S7542

2017-S14 (ACTIVE) - Summary

Relates to establishing the residential real property tax credit.

2017-S14 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S14

 TITLE OF BILL :

An act to amend the tax law, in relation to establishing a residential
real property tax credit

 PURPOSE :

To establish a property tax credit for New Yorkers

 SUMMARY OF PROVISIONS :

Section 606 of the tax law is amended by adding a new subsection
(ccc); paragraph 2 of subsection (bbb) of section 606 of the tax law,
as added by section 1 of part FF of chapter 59 of the laws of 2014, is
amended; paragraph 2 of subsection (bbb) of section 606 of the tax law
is amended by adding two new subparagraphs (H) and (I); and paragraph
3 of subsection (bbb) of section 606 of the tax law is amended by
adding a new subparagraph (D).

 JUSTIFICATION :

New Yorkers pay some of the highest property taxes in the country-a
substantial burden for many homeowners across the state. With so many
homeowners struggling to make ends meet, we can do more to alleviate

the property tax burden New Yorkers face. Now could not be a better
time, as New York State has billions of dollars in general reserve and
has made billions more through a series of windfall settlements with
big banks. Using some of this money to provide homeowners with a
property tax credit will go a long way in relieving the stress of
sky-high property taxes.

This property tax credit will go to homeowners who meet the threshold
of total household income, and will provide up to 50% or $2,500 in
credits for property taxes in excess of a certain percentage of that
household income.

*Families with a household income of $100,000 or less will receive a
50% credit on property taxes in excess of 6% of their household income
(up to $2,500)

*Families with a household income of between $100,000 and $175,000
will receive a 50% credit on property taxes in excess of 7% of their
household income (up to $2,500)

*Families with a household income of between $175,000 and $250,000
will receive a 50% credit on property taxes in excess of 8% of their
household income (up to $2,500)

Finally, any family with a household income that falls within one of
these brackets that pays 10% or more of their household income in
property taxes can also claim their property tax freeze credit, if
eligible-all families paying 9% or less of their household income will
not be able to claim both credits. This will be coupled with a call to
renew the property tax freeze credit for both school districts and
local governments, which expire this year.

 LEGISLATIVE HISTORY :

New bill

 FISCAL IMPLICATIONS :

This proposal will cost approximately $2.5 billion and will provide a
tax credit to millions of eligible families.
 EFFECTIVE DATE :
January 1st next succeeding the date on which it becomes law and will
apply to taxable years commencing on or after such date.

2017-S14 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    14
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2017
                                ___________
 
 Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation to establishing  a  residential
   real property tax credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (ccc) to read as follows:
   (CCC)  RESIDENTIAL  REAL PROPERTY TAX CREDIT. (1) DEFINITIONS. FOR THE
 PURPOSES OF THIS SUBSECTION:
   (A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE  WHO
 OWNS THE RESIDENTIAL REAL PROPERTY IN WHICH HE OR SHE RESIDES.
   (B) "HOUSEHOLD" MEANS THE TAXPAYER OR TAXPAYERS AND ALL OTHER PERSONS,
 NOT NECESSARILY RELATED, WHO ALL RESIDE IN THE RESIDENTIAL REAL PROPERTY
 OWNED  BY  THE TAXPAYER OR TAXPAYERS, AND SHARE ITS FURNISHINGS, FACILI-
 TIES AND ACCOMMODATIONS; PROVIDED THAT NO PERSON MAY BE A MEMBER OF MORE
 THAN ONE HOUSEHOLD AT ONE TIME.
   (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
 OF ALL MEMBERS OF THE HOUSEHOLD FOR THE TAXABLE  YEAR  AS  REPORTED  FOR
 FEDERAL  INCOME  TAX  PURPOSES,  OR  WHICH WOULD BE REPORTED AS ADJUSTED
 GROSS INCOME IF A FEDERAL INCOME TAX RETURN WERE REQUIRED TO  BE  FILED,
 WITH  THE  MODIFICATIONS IN SUBSECTION (B) OF SECTION SIX HUNDRED TWELVE
 OF THIS ARTICLE BUT WITHOUT THE MODIFICATIONS IN SUBSECTION (C) OF  SUCH
 SECTION, PLUS ANY PORTION OF THE GAIN FROM THE SALE OR EXCHANGE OF PROP-
 ERTY  OTHERWISE  EXCLUDED  FROM  SUCH AMOUNT; EARNED INCOME FROM SOURCES
 WITHOUT THE UNITED  STATES  EXCLUDABLE  FROM  FEDERAL  GROSS  INCOME  BY
 SECTION  NINE HUNDRED ELEVEN OF THE INTERNAL REVENUE CODE; SUPPORT MONEY
 NOT INCLUDED IN  ADJUSTED  GROSS  INCOME;  NONTAXABLE  STRIKE  BENEFITS;
 SUPPLEMENTAL  SECURITY  INCOME PAYMENTS; THE GROSS AMOUNT OF ANY PENSION
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD04360-01-7

 S. 14                               2
 
 OR ANNUITY BENEFITS TO THE EXTENT NOT INCLUDED IN  SUCH  ADJUSTED  GROSS
 INCOME  (INCLUDING, BUT NOT LIMITED TO, RAILROAD RETIREMENT BENEFITS AND
 ALL PAYMENTS RECEIVED UNDER THE FEDERAL SOCIAL SECURITY ACT  AND  VETER-
 ANS'  DISABILITY  PENSIONS); NONTAXABLE INTEREST RECEIVED FROM THE STATE
 OF NEW YORK, ITS AGENCIES, INSTRUMENTALITIES,  PUBLIC  CORPORATIONS,  OR
 POLITICAL  SUBDIVISIONS (INCLUDING A PUBLIC CORPORATION CREATED PURSUANT
 TO AGREEMENT OR COMPACT WITH ANOTHER STATE OR CANADA); WORKERS'  COMPEN-
 SATION;  THE GROSS AMOUNT OF "LOSS-OF-TIME" INSURANCE; AND THE AMOUNT OF
 CASH PUBLIC ASSISTANCE AND RELIEF, OTHER THAN MEDICAL ASSISTANCE FOR THE
 NEEDY, PAID TO OR FOR THE BENEFIT OF THE QUALIFIED TAXPAYER  OR  MEMBERS
 OF  HIS  OR  HER  HOUSEHOLD.   PROVIDED, FURTHER, HOUSEHOLD GROSS INCOME
 SHALL ONLY INCLUDE ALL SUCH INCOME RECEIVED BY ALL MEMBERS OF THE HOUSE-
 HOLD WHILE MEMBERS OF SUCH HOUSEHOLD.
   (D) "NET REAL PROPERTY TAX" MEANS THE REAL PROPERTY TAXES ASSESSED  ON
 THE  RESIDENTIAL  REAL  PROPERTY  OWNED  AND OCCUPIED BY THE TAXPAYER OR
 TAXPAYERS AFTER ANY EXEMPTION OR ABATEMENT RECEIVED PURSUANT TO THE REAL
 PROPERTY TAX LAW.
   (2) CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
 TAXES IMPOSED BY THIS ARTICLE, EQUAL TO  FIFTY  PERCENT  OF  THE  AMOUNT
 WHICH  THE TAXPAYER'S NET REAL PROPERTY TAX EXCEEDS THE TAXPAYER'S MAXI-
 MUM REAL  PROPERTY  TAX,  AS  DETERMINED  BY  PARAGRAPH  THREE  OF  THIS
 SUBSECTION, PROVIDED, HOWEVER, SUCH CREDIT SHALL NOT EXCEED TWO THOUSAND
 FIVE  HUNDRED  DOLLARS.  IF SUCH CREDIT EXCEEDS THE TAX FOR SUCH TAXABLE
 YEAR, AS REDUCED BY THE OTHER CREDITS PERMITTED  BY  THIS  ARTICLE,  THE
 QUALIFIED  TAXPAYER  MAY  RECEIVE,  AND  THE  COMPTROLLER,  SUBJECT TO A
 CERTIFICATE OF THE DEPARTMENT, SHALL  PAY  AS  AN  OVERPAYMENT,  WITHOUT
 INTEREST,  ANY  EXCESS  BETWEEN SUCH TAX AS SO REDUCED AND THE AMOUNT OF
 THE CREDIT. IF A QUALIFIED TAXPAYER IS NOT REQUIRED  TO  FILE  A  RETURN
 PURSUANT  TO  SECTION SIX HUNDRED FIFTY-ONE OF THIS ARTICLE, A QUALIFIED
 TAXPAYER MAY NEVERTHELESS RECEIVE AND  THE  COMPTROLLER,  SUBJECT  TO  A
 CERTIFICATE  OF  THE  DEPARTMENT,  SHALL  PAY AS AN OVERPAYMENT THE FULL
 AMOUNT OF THE CREDIT, WITHOUT INTEREST.
   (3) RESIDENTIAL REAL PROPERTY TAX CREDIT. (A) A  QUALIFIED  TAXPAYER'S
 RESIDENTIAL REAL PROPERTY TAX CREDIT SHALL BE DETERMINED AS FOLLOWS:
   IN ALL COUNTIES IN THE STATE:
      HOUSEHOLD GROSS                         MAXIMUM REAL
      INCOME                                  PROPERTY TAX
 
      ONE HUNDRED THOUSAND                    SIX PERCENT OF THE
      DOLLARS OR LESS                         HOUSEHOLD GROSS INCOME
 
      MORE THAN ONE HUNDRED                   SEVEN PERCENT OF
      THOUSAND DOLLARS, BUT                   THE HOUSEHOLD
      LESS THAN OR EQUAL TO                   GROSS INCOME
      ONE HUNDRED SEVENTY-FIVE
      THOUSAND DOLLARS
 
      MORE THAN ONE HUNDRED                   EIGHT PERCENT OF
      SEVENTY-FIVE THOUSAND DOLLARS,          THE HOUSEHOLD
      BUT LESS THAN OR EQUAL                  GROSS INCOME
      TO TWO HUNDRED FIFTY THOUSAND
      DOLLARS
 
      MORE THAN TWO HUNDRED FIFTY             NOT ELIGIBLE TO
      THOUSAND DOLLARS                        RECEIVE TAX CREDIT

 S. 14                               3
 
   (B)  ANY  HOUSEHOLD THAT HAS A GROSS INCOME OF TWO HUNDRED FIFTY THOU-
 SAND DOLLARS OR LESS AND PAYS TEN PERCENT OR  MORE  OF  THEIR  HOUSEHOLD
 INCOME  IN PROPERTY TAX MAY ALSO CLAIM A REAL PROPERTY TAX FREEZE CREDIT
 PURSUANT TO SUBSECTION (BBB) OF THIS SECTION IN ADDITION TO  A  RESIDEN-
 TIAL REAL PROPERTY TAX CREDIT.
   (C)  THE  THRESHOLDS OF HOUSEHOLD GROSS INCOME FOR ELIGIBILITY FOR THE
 RESIDENTIAL REAL PROPERTY TAX CREDIT, ESTABLISHED BY SUBPARAGRAPH (A) OF
 THIS PARAGRAPH, SHALL BE INDEXED FOR INFLATION.
   (4) EXCLUSIONS FROM ELIGIBILITY. NO CREDIT SHALL BE GRANTED UNDER THIS
 SUBSECTION IF THE  QUALIFIED  TAXPAYER  CLAIMS  THE  REAL  PROPERTY  TAX
 CIRCUIT  BREAKER  CREDIT,  PURSUANT  TO  SUBSECTION (E) OF THIS SECTION,
 DURING THE TAXABLE YEAR, UNLESS THE HOUSEHOLD HAS A GROSS INCOME OF  TWO
 HUNDRED  FIFTY  THOUSAND DOLLARS OR LESS AND PAYS TEN PERCENT OR MORE OF
 THEIR HOUSEHOLD INCOME IN PROPERTY TAX.
   § 2. The opening paragraph of  paragraph  2  of  subsection  (bbb)  of
 section  606 of the tax law, as added by section 1 of part FF of chapter
 59 of the laws of 2014, is amended to read as follows:
   An individual taxpayer who meets the eligibility standards  set  forth
 in  paragraph  three  of  this subsection and whose primary residence is
 located in a taxing jurisdiction that has a freeze-compliant budget  for
 the  fiscal year starting in two thousand fourteen, two thousand fifteen
 [or], two thousand sixteen OR TWO THOUSAND EIGHTEEN, whichever is appli-
 cable, shall be allowed a credit against the taxes imposed by this arti-
 cle. Subject to the provisions of paragraph six of this subsection, such
 credit shall be determined as follows:
   § 3. Paragraph 2 of subsection (bbb) of section 606 of the tax law  is
 amended by adding two new subparagraphs (H) and (I) to read as follows:
   (H)  IF  A TAXING JURISDICTION, OTHER THAN A SCHOOL DISTRICT OR A CITY
 WITH A DEPENDENT SCHOOL DISTRICT, HAS A FREEZE-COMPLIANT BUDGET FOR  ITS
 FISCAL YEAR STARTING IN TWO THOUSAND EIGHTEEN:
   (I)  IF  THE TAXING JURISDICTION'S BUDGET FOR THE FISCAL YEAR STARTING
 IN TWO THOUSAND SEVENTEEN WAS A FREEZE-COMPLIANT BUDGET, A CREDIT  SHALL
 BE  ALLOWED  FOR  THE  ELIGIBLE TAXPAYER'S TWO THOUSAND EIGHTEEN TAXABLE
 YEAR IN THE AMOUNT OF THE CREDIT FOR THE TAXES IMPOSED BY OR  ON  BEHALF
 OF  SUCH  TAXING  JURISDICTION  ALLOWED  FOR THE ELIGIBLE TAXPAYER'S TWO
 THOUSAND SEVENTEEN TAXABLE YEAR; TOGETHER WITH THE AMOUNT  THAT  IS  THE
 GREATER  OF (I) THE AMOUNT BY WHICH THE REAL PROPERTY TAXES IMPOSED UPON
 SUCH RESIDENCE BY OR ON BEHALF  OF  SUCH  TAXING  JURISDICTION  FOR  THE
 FISCAL  YEAR STARTING IN TWO THOUSAND EIGHTEEN EXCEEDS THE REAL PROPERTY
 TAXES IMPOSED UPON SUCH RESIDENCE BY OR ON BEHALF OF THAT TAXING  JURIS-
 DICTION  FOR THE FISCAL YEAR STARTING IN TWO THOUSAND SEVENTEEN, OR (II)
 THE PRODUCT OF THE REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE BY OR
 ON BEHALF OF SUCH TAXING JURISDICTION FOR THE FISCAL  YEAR  STARTING  IN
 TWO  THOUSAND  SEVENTEEN  MULTIPLIED  BY THE LEVY CREDIT FACTOR FOR SUCH
 TAXING JURISDICTION FOR THE FISCAL YEAR STARTING IN TWO  THOUSAND  EIGH-
 TEEN.
   (II)  IF THE TAXING JURISDICTION'S BUDGET FOR THE FISCAL YEAR STARTING
 IN TWO THOUSAND SEVENTEEN WAS NOT A FREEZE-COMPLIANT  BUDGET,  A  CREDIT
 SHALL BE ALLOWED FOR THE ELIGIBLE TAXPAYER'S TWO THOUSAND EIGHTEEN TAXA-
 BLE  YEAR  IN  THE AMOUNT THAT IS THE GREATER OF (I) THE AMOUNT BY WHICH
 THE REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE BY OR ON  BEHALF  OF
 SUCH  TAXING  JURISDICTION  FOR THE FISCAL YEAR STARTING IN TWO THOUSAND
 EIGHTEEN EXCEEDS THE REAL PROPERTY TAXES SO IMPOSED FOR THE FISCAL  YEAR
 STARTING  IN  TWO  THOUSAND  SEVENTEEN,  OR (II) THE PRODUCT OF THE REAL
 PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE  BY  OR  ON  BEHALF  OF  SUCH
 TAXING  JURISDICTION FOR THE FISCAL YEAR STARTING IN TWO THOUSAND SEVEN-

 S. 14                               4
 
 TEEN MULTIPLIED BY THE LEVY CREDIT FACTOR FOR SUCH  TAXING  JURISDICTION
 FOR THE FISCAL YEAR STARTING IN TWO THOUSAND EIGHTEEN.
   (I)  IF A CITY WITH A DEPENDENT SCHOOL DISTRICT HAS A FREEZE-COMPLIANT
 BUDGET FOR ITS FISCAL YEAR STARTING IN TWO THOUSAND SEVENTEEN:
   (I) IF THE CITY'S BUDGET FOR THE FISCAL YEAR STARTING IN TWO  THOUSAND
 SIXTEEN WAS A FREEZE-COMPLIANT BUDGET, A CREDIT SHALL BE ALLOWED FOR THE
 ELIGIBLE  TAXPAYER'S  TWO  THOUSAND  SEVENTEEN TAXABLE YEAR IN AN AMOUNT
 EQUIVALENT TO THIRTY-THREE PERCENT OF THE AMOUNT THAT IS THE GREATER  OF
 THE  AMOUNT BY WHICH THE REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE
 BY THAT CITY FOR THE  FISCAL  YEAR  STARTING  IN  TWO  THOUSAND  SIXTEEN
 EXCEEDS  THE REAL PROPERTY TAXES SO IMPOSED FOR THE FISCAL YEAR STARTING
 IN TWO THOUSAND FIFTEEN, OR THE  PRODUCT  OF  THE  REAL  PROPERTY  TAXES
 IMPOSED  UPON SUCH RESIDENCE BY OR ON BEHALF OF SUCH CITY FOR THE FISCAL
 YEAR STARTING IN TWO THOUSAND FIFTEEN  MULTIPLIED  BY  THE  LEVY  CREDIT
 FACTOR  FOR  SUCH  CITY  FOR  THE  FISCAL  YEAR STARTING IN TWO THOUSAND
 SIXTEEN; TOGETHER WITH THE AMOUNT OF THE CREDIT FOR THE TAXES IMPOSED BY
 OR ON BEHALF OF SUCH CITY ALLOWED FOR THE ELIGIBLE TAXPAYER'S TWO  THOU-
 SAND  SIXTEEN  TAXABLE  YEAR;  AND TOGETHER WITH AN AMOUNT EQUIVALENT TO
 SIXTY-SEVEN PERCENT OF THE AMOUNT THAT IS THE GREATER OF THE  AMOUNT  BY
 WHICH  THE  REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE BY THAT CITY
 FOR THE FISCAL YEAR STARTING IN TWO THOUSAND SEVENTEEN EXCEEDS THE  REAL
 PROPERTY  TAXES  SO IMPOSED FOR THE FISCAL YEAR STARTING IN TWO THOUSAND
 SIXTEEN; OR THE PRODUCT OF THE REAL PROPERTY  TAXES  IMPOSED  UPON  SUCH
 RESIDENCE  BY  OR ON BEHALF OF SUCH CITY FOR THE FISCAL YEAR STARTING IN
 TWO THOUSAND SIXTEEN MULTIPLIED BY THE LEVY CREDIT FACTOR FOR SUCH  CITY
 FOR  THE  FISCAL  YEAR  STARTING IN TWO THOUSAND SEVENTEEN; AND A CREDIT
 SHALL BE ALLOWED FOR THE ELIGIBLE TAXPAYER'S TWO THOUSAND EIGHTEEN TAXA-
 BLE YEAR IN AN AMOUNT EQUIVALENT TO THIRTY-THREE PERCENT OF  THE  AMOUNT
 THAT  IS  THE  GREATER  OF  THE  AMOUNT BY WHICH THE REAL PROPERTY TAXES
 IMPOSED UPON SUCH RESIDENCE BY THAT CITY FOR THE FISCAL YEAR STARTING IN
 TWO THOUSAND SEVENTEEN EXCEEDS THE REAL PROPERTY TAXES  SO  IMPOSED  FOR
 THE  FISCAL YEAR STARTING IN TWO THOUSAND SIXTEEN, OR THE PRODUCT OF THE
 REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE BY OR ON BEHALF OF  SUCH
 CITY  FOR THE FISCAL YEAR STARTING IN TWO THOUSAND SIXTEEN MULTIPLIED BY
 THE LEVY CREDIT FACTOR FOR SUCH CITY FOR THE FISCAL YEAR STARTING IN TWO
 THOUSAND SEVENTEEN; TOGETHER WITH AN AMOUNT EQUIVALENT TO 49.25  PERCENT
 OF  THE  AMOUNT  OF  THE CREDIT FOR THE TAXES IMPOSED BY OR ON BEHALF OF
 SUCH CITY ALLOWED FOR THE ELIGIBLE TAXPAYER'S TWO THOUSAND SIXTEEN TAXA-
 BLE YEAR.
   (II) IF THE CITY'S BUDGET FOR THE FISCAL YEAR STARTING IN TWO THOUSAND
 SIXTEEN WAS NOT A FREEZE-COMPLIANT BUDGET, A CREDIT SHALL BE ALLOWED FOR
 THE ELIGIBLE TAXPAYER'S TWO THOUSAND SEVENTEEN TAXABLE YEAR IN AN AMOUNT
 EQUIVALENT TO SIXTY-SEVEN PERCENT OF THE AMOUNT THAT IS THE  GREATER  OF
 THE  AMOUNT BY WHICH THE REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE
 BY THAT CITY FOR THE FISCAL YEAR  STARTING  IN  TWO  THOUSAND  SEVENTEEN
 EXCEEDS  THE REAL PROPERTY TAXES SO IMPOSED FOR THE FISCAL YEAR STARTING
 IN TWO THOUSAND SIXTEEN OR  THE  PRODUCT  OF  THE  REAL  PROPERTY  TAXES
 IMPOSED  UPON SUCH RESIDENCE BY OR ON BEHALF OF SUCH CITY FOR THE FISCAL
 YEAR STARTING IN TWO THOUSAND SIXTEEN  MULTIPLIED  BY  THE  LEVY  CREDIT
 FACTOR FOR SUCH CITY FOR THE FISCAL YEAR STARTING IN TWO THOUSAND SEVEN-
 TEEN;  AND  A  CREDIT  SHALL  BE ALLOWED FOR THE ELIGIBLE TAXPAYER'S TWO
 THOUSAND EIGHTEEN TAXABLE YEAR IN AN AMOUNT EQUIVALENT  TO  THIRTY-THREE
 PERCENT  OF  THE  AMOUNT  THAT IS THE GREATER OF THE AMOUNT BY WHICH THE
 REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE BY  THAT  CITY  FOR  THE
 FISCAL YEAR STARTING IN TWO THOUSAND SEVENTEEN EXCEEDS THE REAL PROPERTY
 TAXES SO IMPOSED FOR THE FISCAL YEAR STARTING IN TWO THOUSAND SIXTEEN OR

 S. 14                               5
 
 THE PRODUCT OF THE REAL PROPERTY TAXES IMPOSED UPON SUCH RESIDENCE BY OR
 ON  BEHALF  OF  SUCH  CITY  FOR THE FISCAL YEAR STARTING IN TWO THOUSAND
 SIXTEEN MULTIPLIED BY THE LEVY CREDIT  FACTOR  FOR  SUCH  CITY  FOR  THE
 FISCAL YEAR STARTING IN TWO THOUSAND SEVENTEEN.
   §  4. Paragraph 3 of subsection (bbb) of section 606 of the tax law is
 amended by adding a new subparagraph (D) to read as follows:
   (D) FOR THE TWO THOUSAND EIGHTEEN TAXABLE YEAR, THE TAXPAYER'S PRIMARY
 RESIDENCE MUST HAVE QUALIFIED FOR THE STAR EXEMPTION FOR THE  TWO  THOU-
 SAND EIGHTEEN--TWO THOUSAND NINETEEN SCHOOL YEAR, OR WOULD HAVE SO QUAL-
 IFIED IF AN APPLICATION FOR SUCH EXEMPTION HAD BEEN SUBMITTED IN A TIME-
 LY MANNER.
   §  5. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a  law  and  shall  apply  to
 taxable years commencing on or after such date.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Senate Bill S14

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

2017-S14 (ACTIVE) - Details

2017-S14 (ACTIVE) - Summary

2017-S14 (ACTIVE) - Sponsor Memo

2017-S14 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S14

Share this bill

Sponsored By

Todd Kaminsky

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

2017-S14 (ACTIVE) - Details

2017-S14 (ACTIVE) - Summary

2017-S14 (ACTIVE) - Sponsor Memo

2017-S14 (ACTIVE) - Bill Text download pdf

Comments