senate Bill S857

2021-2022 Legislative Session

Creates an enhanced real property tax circuit breaker 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

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to budget and revenue
Jan 06, 2021 referred to budget and revenue

S857 (ACTIVE) - Details

See Assembly Version of this Bill:
A4744
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S7540, A9649

S857 (ACTIVE) - Summary

Creates an enhanced real property tax circuit breaker credit.

S857 (ACTIVE) - Sponsor Memo

S857 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    857
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- 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 creating an enhanced real
   property tax circuit breaker credit

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (e-2)  to read as follows:
   (E-2) ENHANCED REAL PROPERTY  TAX  CIRCUIT  BREAKER  CREDIT.  (1)  FOR
 PURPOSES OF THIS SUBSECTION:
   (A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL OF THE STATE, WHO
 (I) IS A RESIDENT OF A CITY WITH A POPULATION OVER ONE MILLION, (II) HAS
 OCCUPIED  THE SAME RESIDENCE FOR SIX MONTHS OR MORE OF THE TAXABLE YEAR,
 AND (III) IS REQUIRED OR CHOOSES TO FILE A RETURN UNDER THIS ARTICLE.
   (B) "HOUSEHOLD" OR  "MEMBERS  OF  THE  HOUSEHOLD"  MEANS  A  QUALIFIED
 TAXPAYER  AND  ALL  OTHER PERSONS, NOT NECESSARILY RELATED, WHO HAVE THE
 SAME RESIDENCE AND SHARE ITS FURNISHINGS, FACILITIES AND ACCOMMODATIONS.
 SUCH TERMS SHALL NOT INCLUDE A TENANT, SUBTENANT, ROOMER OR BOARDER  WHO
 IS  NOT  RELATED  TO  THE  QUALIFIED TAXPAYER IN ANY DEGREE SPECIFIED IN
 SUBPARAGRAPHS (A) THROUGH (G) OF PARAGRAPH  TWO  OF  SUBSECTION  (D)  OF
 SECTION  ONE  HUNDRED  FIFTY-TWO OF THE INTERNAL REVENUE CODE. PROVIDED,
 HOWEVER, NO PERSON MAY BE A MEMBER OF MORE THAN  ONE  HOUSEHOLD  AT  ONE
 TIME.
   (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
 OF  ALL  MEMBERS  OF  THE HOUSEHOLD FOR THE TAXABLE YEAR AS REPORTED FOR
 FEDERAL INCOME TAX PURPOSES, OR WHICH  WOULD  BE  REPORTED  AS  ADJUSTED
 GROSS  INCOME  IF A FEDERAL INCOME TAX RETURN WERE REQUIRED TO BE FILED,
 WITH THE MODIFICATIONS IN SUBSECTION (B) OF SECTION SIX  HUNDRED  TWELVE
 OF  THIS ARTICLE BUT WITHOUT THE MODIFICATIONS IN SUBSECTION (C) OF SUCH
 SECTION, PLUS ANY PORTION OF THE GAIN FROM THE SALE OR EXCHANGE OF PROP-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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