Assembly Bill A10062

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10062
 
                           I N  A S S E M B L Y
 
                               March 6, 2020
                                ___________
 
 Introduced  by M. of A. GRIFFIN -- read once and referred to the Commit-
   tee on Aging
 
 AN ACT to amend the real property tax law, in relation to excluding from
   the income calculation, certain travel expenses incurred  by  military
   veterans  attending  medical  appointments  and/or  treatment  for the
   persons sixty-five years of age or over real property tax exemption

   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 separately amended by chapters 131 and 279  of  the
 laws of 2017, 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,
 twenty-nine  thousand  dollars  beginning July first, two thousand nine,
 and in a city with a population of one million or  more  fifty  thousand
 dollars beginning July first, two thousand seventeen, as may be provided
 by  the  local  law,  ordinance  or  resolution adopted pursuant to this
 section. 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  ex-wife  is  absent
 from  the  property as provided in subparagraph (ii) of paragraph (d) of
 this subdivision, then only the income of the spouse or ex-spouse resid-
 ing 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 capi-
 tal  asset  in  the  same  income tax year, net rental income, salary or
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14869-01-0

 A. 10062                            2
 
 earnings, and net income from self-employment, but shall not  include  a
 return  of  capital,  gifts,  inheritances, payments made to individuals
 because of their status as victims of Nazi persecution,  as  defined  in
 P.L.  103-286  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,  INCLUDING ANY TRAVEL
 EXPENSES INCURRED BY MILITARY VETERANS FOR REQUIRED TRAVEL TO AND FROM A
 VETERANS HEALTH ADMINISTRATION HOSPITAL FOR MEDICAL APPOINTMENTS  AND/OR
 TREATMENT,  which  were  not reimbursed or paid for by insurance, if the
 governing board of a municipality, after  a  public  hearing,  adopts  a
 local  law,  ordinance or resolution providing therefor. In addition, an
 exchange of an annuity for an annuity contract, which resulted  in  non-
 taxable  gain,  as determined in section one thousand thirty-five of the
 internal revenue code, shall be excluded from such income. Provided that
 such exclusion shall  be  based  on  satisfactory  proof  that  such  an
 exchange  was  solely  an exchange of an annuity for an annuity contract
 that resulted in a non-taxable transfer determined by  such  section  of
 the  internal  revenue  code. Furthermore, such income shall not include
 the proceeds of a reverse mortgage, as authorized by  section  six-h  of
 the  banking law, and sections two hundred eighty and two hundred eight-
 y-a of the real property law; provided, however,  that  monies  used  to
 repay  a  reverse mortgage may not be deducted from income, and provided
 additionally that any interest or dividends realized from the investment
 of reverse mortgage proceeds shall be considered income. The  provisions
 of  this paragraph notwithstanding, such income shall not include veter-
 ans disability compensation, as defined in Title 38 of the United States
 Code provided the governing board of  such  municipality,  after  public
 hearing, adopts a local law, ordinance or resolution providing 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.