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
              

                       [ ] is old law to be omitted.
                                                            LBD15314-02-8

 S. 8398                             2
 
 Over $150,000 but not over $200,000     25%
 Over $200,000 but not over $275,000     7.5%
 Over $275,000                           No credit
   (C) for the two thousand nineteen taxable year AND THEREAFTER:
 Qualified Gross Income                  Percentage
 Not over $75,000                        [85%] 100%
 Over $75,000 but not over $150,000      [60%] 75%
 Over $150,000 but not over $200,000     [35%] 43.75%
 Over $200,000 but not over $275,000     [10%] 12.5%
 Over $275,000                           No credit
   (c)  For  a  taxpayer who owned and primarily resided in real property
 receiving the enhanced STAR exemption, the amount of  the  credit  shall
 equal the STAR tax savings associated with such enhanced STAR exemption,
 multiplied  by  the following percentage; PROVIDED THAT IN NO CASE SHALL
 THE CREDIT DETERMINED BE LESS THAN TWO HUNDRED DOLLARS:
 Taxable Year                            Percentage
 two thousand seventeen                  12%
 two thousand eighteen                   26%
 two thousand nineteen AND THEREAFTER    [34%] 42.5%
   (d) In no case may  the  amount  of  the  credit  allowed  under  this
 subsection  exceed  the  school  district  taxes due with respect to the
 residence for that school year.
   § 2. 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
 assessment rolls prepared on the basis of taxable status dates occurring
 on or after such date.