Senate Bill S7646

2019-2020 Legislative Session

Relates to extending the property tax relief credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S7646 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2019-S7646 (ACTIVE) - Summary

Extends the property tax relief credit indefinitely.

2019-S7646 (ACTIVE) - Sponsor Memo

2019-S7646 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7646
 
                             I N  S E N A T E
 
                             February 4, 2020
                                ___________
 
 Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to extending 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. Subparagraphs (b) and (c)  of  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,  are  amended  to  read  as
 follows:
   (b)  For  the  two  thousand  seventeen, two thousand eighteen and two
 thousand nineteen taxable years [(i) For] AND THEREAFTER, 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:
   (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%
 Over $150,000 but not over $200,000     25%
 Over $200,000 but not over $275,000     7.5%
 Over $275,000                           No credit
   (C) for the two thousand nineteen taxable year AND THEREAFTER:
 Qualified Gross Income                  Percentage
 Not over $75,000                        85%
 Over $75,000 but not over $150,000      60%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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