senate Bill S7646

2019-2020 Legislative Session

Relates to extending the property tax relief credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 04, 2020 referred to budget and revenue

S7646 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S7646 (ACTIVE) - Summary

Extends the property tax relief credit indefinitely.

S7646 (ACTIVE) - Sponsor Memo

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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