S T A T E O F N E W Y O R K
________________________________________________________________________
10571
I N A S S E M B L Y
July 6, 2022
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Lawler) --
read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to increasing the
enhanced STAR property tax deduction
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. This act shall be known and may be cited as the "Two STAR
Act".
§ 2. Clause (C) of subparagraph (i) of paragraph (b) of subdivision 4
of section 425 of the real property tax law, as amended by section 3 of
part E of chapter 83 of the laws of 2002, is amended to read as follows:
(C) For final assessment rolls to be completed [in each ensuing year]
BETWEEN TWO THOUSAND FOUR AND TWO THOUSAND TWENTY-TWO, the applicable
income tax year, cost-of-living-adjustment percentage and applicable
increase percentage shall all be advanced by one year, and the income
standard shall be the previously-applicable income standard increased by
the new cost-of-living-adjustment percentage. If there should be a year
for which there is no applicable increase percentage due to a general
benefit increase as defined by subdivision three of subsection (i) of
section four hundred fifteen of title forty-two of the United States
code, the applicable increase percentage for purposes of this computa-
tion shall be deemed to be the percentage which would have yielded that
general benefit increase.
§ 3. Clause (C-1) of subparagraph (i) of paragraph (b) of subdivision
4 of section 425 of the real property tax law is relettered clause (C-2)
and a new clause (C-1) is added to read as follows:
(C-1) FOR FINAL ASSESSMENT ROLLS TO BE COMPLETED AFTER TWO THOUSAND
TWENTY-TWO, THE APPLICABLE INCOME TAX YEAR, COST-OF-LIVING-ADJUSTMENT
PERCENTAGE AND APPLICABLE INCREASE PERCENTAGE SHALL ALL BE ADVANCED BY
ONE YEAR, AND THE INCOME STANDARD SHALL BE TWICE THE PREVIOUSLY-APPLICA-
BLE INCOME STANDARD INCREASED BY THE NEW COST-OF-LIVING-ADJUSTMENT
PERCENTAGE. IF THERE SHOULD BE A YEAR FOR WHICH THERE IS NO APPLICABLE
INCREASE PERCENTAGE DUE TO A GENERAL BENEFIT INCREASE AS DEFINED BY
SUBDIVISION THREE OF SUBSECTION (I) OF SECTION FOUR HUNDRED FIFTEEN OF
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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