Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to budget and revenue |
Dec 22, 2021 |
referred to rules |
Senate Bill S7624
2021-2022 Legislative Session
Sponsored By
(D) Senate District
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
Actions
co-Sponsors
(D) 15th Senate District
(D) 22nd Senate District
(D) Senate District
(D, IP, WF) Senate District
2021-S7624 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8688
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in 2023-2024 Legislative Session:
-
A3402
2021-S7624 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7624 Revised 1/13/2022 SPONSOR: GAUGHRAN TITLE OF BILL: An act to amend the tax law, in relation to improving the real property tax relief credit PURPOSE: To improve the real property tax relief credit by (a) increasing maximum income eligibility from $250,000 of qualified gross income to $350,000, (b) decreasing the percentage of real property taxes over qualified gross income from 6% to 5% to determine excess property taxes, (c) increasing the amount of the credit, including the maximum credit from $350 to $1,500, and making the credit permanent. SUMMARY OF PROVISIONS: Section 1. Amends Subparagraph (E)of paragraph 1, paragraph 2, subpara- graphs (A),(B), and (C) of paragraph 3, paragraph 4, and subparagraph (A) of paragraph 6 of subsection (e-2) of section 606 of the tax law by
2021-S7624 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7624 2021-2022 Regular Sessions I N S E N A T E December 22, 2021 ___________ Introduced by Sen. GAUGHRAN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to improving the real property tax relief credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (E) of paragraph 1, paragraph 2, subparagraphs (A), (B) and (C) of paragraph 3, paragraph 4 and subparagraph (A) of paragraph 6 of subsection (e-2) of section 606 of the tax law, as added by section 1 of part III of chapter 59 of the laws of 2021, are amended to read as follows: (E) "Excess real property tax" means the excess of qualifying real property taxes over [six] FIVE percent of qualified gross income. (2) For tax years beginning on or after January first, two thousand [twenty-one and before January first, two thousand twenty-four] TWENTY- TWO, a qualified taxpayer shall be allowed a credit as provided in para- graph three of this subsection against the taxes imposed by this arti- cle. If the credit exceeds the tax for such year under this article, the excess shall be treated as an overpayment, to be credited or refunded, without interest. (A) For qualified taxpayers whose qualified gross income is seventy- five thousand dollars or less, the applicable percentage shall be [four- teen] TWENTY percent. (B) For qualified taxpayers whose qualified gross income is greater than seventy-five thousand dollars but less than or equal to one hundred fifty thousand dollars, the applicable percentage shall be the differ- ence between (i) [fourteen] TWENTY percent and (ii) five percent multi- plied by a fraction, the numerator of which is the difference between the qualified taxpayer's qualified gross income as defined by this subsection and seventy-five thousand dollars, and the denominator of which is seventy-five thousand dollars. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13833-01-1
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