senate Bill S8398

2017-2018 Legislative Session

Increases the property tax relief credit

download bill text pdf

Sponsored By

Archive: Last 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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Actions

view actions (6)
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

Votes

view votes

May 7, 2018 - floor Vote

S8398
56
6
floor
56
Aye
6
Nay
0
Absent
1
Excused
0
Abstained
show floor vote details

Floor Vote: May 7, 2018

aye (56)
nay (6)
excused (1)

May 7, 2018 - Rules committee Vote

S8398
20
1
committee
20
Aye
1
Nay
4
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Rules Committee Vote: May 7, 2018

aye (20)
nay (1)
aye wr (4)

Co-Sponsors

S8398 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S8398 (ACTIVE) - Summary

Increases the property tax relief credit.

S8398 (ACTIVE) - Sponsor Memo

S8398 (ACTIVE) - 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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