S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3402
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2023
                                ___________
 
 Introduced  by  M.  of  A.  THIELE, SILLITTI, BURDICK, STERN, ZEBROWSKI,
   OTIS, LUNSFORD -- read once and referred to the Committee on Ways  and
   Means
 
 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, a quali-
 fied taxpayer shall be allowed a credit as provided in  paragraph  three
 of  this  subsection  against  the taxes imposed by this article. 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05676-02-3
 A. 3402                             2
              

 
 subsection and seventy-five thousand dollars,  and  the  denominator  of
 which is seventy-five thousand dollars.
   (C)  For  qualified  taxpayers whose qualified gross income is greater
 than one hundred fifty thousand dollars but less than or equal to  [two]
 THREE hundred fifty thousand dollars, the applicable percentage shall be
 the  difference  between (i) [nine] FIFTEEN percent and (ii) six percent
 multiplied by a fraction, the  numerator  of  which  is  the  difference
 between  the qualified taxpayer's qualified gross income and one hundred
 fifty thousand dollars, and  the  denominator  of  which  is  [one]  TWO
 hundred thousand dollars.
   (4)  [No  credit  shall be allowed under this subsection if the amount
 determined pursuant to paragraph three is less than  two  hundred  fifty
 dollars,  provided further that if] IF the amount determined pursuant to
 paragraph three is in excess of [three] FIFTEEN hundred [fifty]  dollars
 the  taxpayer  shall  be  allowed  a  credit  of [three] FIFTEEN hundred
 [fifty] dollars.
   (A) To a property owner if qualified gross income for the taxable year
 exceeds [two] THREE hundred fifty thousand dollars.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2024.