Senate Bill S571

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    571
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2017
                                ___________
 
 Introduced  by  Sen. HOYLMAN -- 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  allowable
   increases in property income for persons with disabilities and limited
   incomes for purposes of qualification for certain tax exemptions
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 5 of section 459-c of the real
 property tax law, as separately amended by chapters 187 and 252  of  the
 laws of 2006, 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], FIFTY thousand dollars  beginning  July  first,
 two  thousand  [nine]  SEVENTEEN, as may be provided by the local law or
 resolution adopted pursuant to this section; PROVIDED,  HOWEVER,  BEGIN-
 NING  JULY  FIRST, TWO THOUSAND NINETEEN AND EVERY TWO YEARS THEREAFTER,
 THE MAXIMUM ALLOWABLE INCOME SHALL INCREASE BY THE PRODUCT OF THE  AVER-
 AGE  ANNUAL PERCENTAGE CHANGES IN THE CONSUMER PRICE INDEX FOR ALL URBAN
 CONSUMERS (CPI-U) AS PUBLISHED BY THE UNITED STATES DEPARTMENT OF  LABOR
 BUREAU  OF LABOR STATISTICS FOR THE TWO YEAR PERIOD ROUNDED TO THE NEAR-
 EST ONE THOUSAND DOLLARS.  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD02693-01-7

 S. 571                              2
 
 ex-wife  is absent from the property due to divorce, legal separation or
 abandonment, 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 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 munici-
 pality, after a public hearing, adopts a local law or resolution provid-
 ing  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.