S T A T E O F N E W Y O R K
________________________________________________________________________
6515
2019-2020 Regular Sessions
I N A S S E M B L Y
March 8, 2019
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Introduced by M. of A. GALEF, PAULIN, ABINANTI, LAVINE, ENGLEBRIGHT,
D'URSO, JEAN-PIERRE, RAIA, MONTESANO -- Multi-Sponsored by -- M. of A.
THIELE -- read once and referred to the Committee on Aging
AN ACT to amend the real property tax law, in relation to municipal
corporations within counties having a population of between three
hundred ten thousand and three hundred thirteen thousand, or with a
population of nine hundred forty-five thousand or more
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, AND IN A MUNICIPAL
CORPORATION WITHIN A COUNTY WITH A POPULATION BETWEEN THREE HUNDRED TEN
THOUSAND AND THREE HUNDRED THIRTEEN THOUSAND, OR WITH A POPULATION OF
NINE HUNDRED FORTY-FIVE THOUSAND OR MORE, ACCORDING TO THE LAST DECENNI-
AL CENSUS, FIFTY THOUSAND DOLLARS BEGINNING JULY FIRST, TWO THOUSAND
NINETEEN, 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10208-01-9
A. 6515 2
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 subpar-
agraph (ii) of paragraph (d) of this subdivision, then only the income
of the spouse or ex-spouse residing 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 capital asset in the same income tax year, net
rental income, salary or 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 perse-
cution, 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 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 deter-
mined 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 eighty-a of the real proper-
ty 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 veterans 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.