| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| May 07, 2018 | referred to ways and means delivered to assembly passed senate ordered to third reading cal.1041 committee discharged and committed to rules |
| May 04, 2018 | referred to investigations and government operations |
senate Bill S8398
2017-2018 Legislative Session
Sponsored By
Elaine Phillips
(R) 7th Senate District
Current Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Co-Sponsors
David Carlucci
(D) 38th Senate District
Rich Funke
(R, C, IP) 55th Senate District
David J. Valesky
(D, IP) 53rd Senate District
S8398 - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
S8398 - Sponsor Memo
BILL NUMBER: S8398 SPONSOR: PHILLIPS TITLE OF BILL: An act to amend the tax law, in relation to increasing the property tax relief credit PURPOSE: This bill would increase the real property tax relief credit by 25 percent for the taxable year 2019 and make the credit permanent for both the basic STAR and enhanced STAR eligible recipients. Additionally, there will be a minimum credit amount established. SUMMARY OF PROVISIONS: Section 1 of the bill amends the Tax Law to increase the current proper- ty tax relief credit by 25 percent for taxable year 2019 and make the credit permanent. The credit currently expires after taxable year 2019. A minimum credit of $200 is also established. Section 2 of the bill establishes the effective date of the first of
S8398 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8398
I N S E N A T E
May 4, 2018
___________
Introduced by Sen. PHILLIPS -- 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 increasing the property tax
relief credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3 of subsection (n-1) of section 606 of the tax
law, as added by section 1 of subpart B of part C of chapter 20 of the
laws of 2015, is amended to read as follows:
(3) Amount of credit. (a) For the two thousand sixteen taxable year
(i) for a taxpayer residing in real property located within the metro-
politan commuter transportation district (MCTD) and outside the city of
New York, the amount of the credit shall be $130; (ii) for a taxpayer
residing in real property located outside the MCTD, the amount of the
credit shall be $185.
(b) For the two thousand seventeen, two thousand eighteen and two
thousand nineteen taxable years [(i) For] FOR a taxpayer who owned and
primarily resided in real property receiving the basic STAR exemption,
the amount of the credit shall equal the STAR tax savings associated
with such basic STAR exemption, multiplied by the following percentage;
PROVIDED THAT IN NO CASE SHALL THE CREDIT DETERMINED BE LESS THAN TWO
HUNDRED DOLLARS:
(A) for the two thousand seventeen taxable year:
Qualified Gross Income Percentage
Not over $75,000 28%
Over $75,000 but not over $150,000 20.5%
Over $150,000 but not over $200,000 13%
Over $200,000 but not over $275,000 5.5%
Over $275,000 No credit
(B) for the two thousand eighteen taxable year:
Qualified Gross Income Percentage
Not over $75,000 60%
Over $75,000 but not over $150,000 42.5%
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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