Senate Bill S572

2017-2018 Legislative Session

Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Aging 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

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2017-S572 (ACTIVE) - Details

Current Committee:
Senate Aging
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6645
2015-2016: S3370
2019-2020: S1451

2017-S572 (ACTIVE) - Summary

Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions.

2017-S572 (ACTIVE) - Sponsor Memo

2017-S572 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    572
 
                        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 Aging
 
 AN ACT to amend the real property tax law, in relation to  allowing  for
   increases  in  the  amount  of  income  property  owners  may earn 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 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], FIFTY thousand dollars  beginning  July  first,
 two  thousand  [nine]  SEVENTEEN,  as  may be provided by the local law,
 ordinance or resolution adopted  pursuant  to  this  section;  PROVIDED,
 HOWEVER, BEGINNING JULY FIRST, TWO THOUSAND NINETEEN AND EVERY TWO YEARS
 THEREAFTER,  THE  MAXIMUM ALLOWABLE INCOME SHALL INCREASE BY THE PRODUCT
 OF THE AVERAGE 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 NEAREST 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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