Senate Bill S1489

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1489
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2019
                                ___________
 
 Introduced  by Sens. HOYLMAN, SEPULVEDA -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Local Govern-
   ment
 
 AN ACT to amend the real property tax  law,  in  relation  to  allowable
   increases in property income for persons with disabilities and limited
   incomes for purposes of qualification for certain tax exemptions
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 5 of section 459-c of the real
 property tax law, as amended by chapter 131 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] FIFTY thousand dollars  beginning  July  first,  two
 thousand  [nine] NINETEEN and in a city with a population of one million
 or more fifty thousand dollars beginning July first, two thousand seven-
 teen, as may be provided by the local law or resolution adopted pursuant
 to this section ; PROVIDED, HOWEVER, BEGINNING JULY FIRST, TWO  THOUSAND
 TWENTY-ONE  AND EVERY TWO YEARS THEREAFTER, THE MAXIMUM ALLOWABLE INCOME
 SHALL INCREASE BY THE PRODUCT OF THE AVERAGE ANNUAL  PERCENTAGE  CHANGES
 IN THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS (CPI-U) AS PUBLISHED
 BY  THE UNITED STATES DEPARTMENT OF LABOR BUREAU OF LABOR STATISTICS FOR
 THE TWO YEAR PERIOD ROUNDED TO THE NEAREST ONE THOUSAND DOLLARS.  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07385-01-9

 S. 1489                             2
 
 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 proper-
 ty due to divorce, legal separation or abandonment, 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 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 insur-
 ance, if the governing board of a municipality, after a public  hearing,
 adopts  a  local  law 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.