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Senate Bill S489

2019-2020 Legislative Session

Relates to the definition of income for the purposes of the private housing finance law

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Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2019-S489 (ACTIVE) - Details

See Assembly Version of this Bill:
A2027
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §2, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6408
2013-2014: S938
2015-2016: S1358, A7350
2017-2018: S1086, A5954
2021-2022: S2548, A5985

2019-S489 (ACTIVE) - Summary

Relates to the definition of income for the purposes of the private housing finance law.

2019-S489 (ACTIVE) - Sponsor Memo

2019-S489 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    489
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sen.  RIVERA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  amend  the  private housing finance law, in relation to the
   definition of income

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Subdivision 29 of section 2 of the private housing finance
 law,  as  amended by chapter 280 of the laws of 1987, is amended to read
 as follows:
   29. "Annual income" or "income". The total income as reported  in  the
 New  York  state  income  tax  return, less such personal exemptions and
 deductions for medical expenses as are actually taken  by  the  taxpayer
 AND  LESS  SOCIAL SECURITY AND RETIREMENT BENEFITS RECEIVED AND INCLUDED
 IN TAXABLE  INCOME  BUT  NOT  IN  EXCESS  OF  TWENTY  THOUSAND  DOLLARS.
 Provided,  however,  that  federal  old  age,  survivors, and disability
 insurance benefits shall not be deemed income in articles two, four  and
 eleven  of  this  chapter. This definition shall be employed in articles
 two, four, eight and eleven of this chapter in the computation of "prob-
 able aggregate annual income" as therein defined.
   § 2. This act shall take effect on the thirtieth day  after  it  shall
 have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05473-01-9

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