Senate Bill S3053

2023-2024 Legislative Session

Relates to the term "income" for purposes of the school tax relief exemption

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Aging 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

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2023-S3053 (ACTIVE) - Details

See Assembly Version of this Bill:
A1257
Current Committee:
Senate Aging
Law Section:
Real Property Tax Law
Laws Affected:
Amd §425, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7472
2015-2016: S4595
2017-2018: S2568, A9575
2019-2020: S270, A4087
2021-2022: S2570, A9396

2023-S3053 (ACTIVE) - Summary

Relates to the term "income" for purposes of the school tax relief exemption; adds 401(k) and 403(b) accounts to the list of eligible income deductions when determining Enhanced STAR eligibility.

2023-S3053 (ACTIVE) - Sponsor Memo

2023-S3053 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3053
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 27, 2023
                                ___________
 
 Introduced  by Sens. HELMING, MATTERA -- read twice and ordered printed,
   and when printed to be committed to the Committee on Aging
 
 AN ACT to amend the real property tax  law,  in  relation  to  the  term
   "income" for purposes of the school tax relief exemption
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (ii) of paragraph  (b)  of  subdivision  4  of
 section  425  of  the  real property tax law, as amended by section 1 of
 part B of chapter 59 of the laws of 2018, is amended to read as follows:
   (ii) The term "income" as used herein shall mean the  "adjusted  gross
 income"  for  federal income tax purposes as reported on the applicant's
 federal or state income tax return for the applicable income  tax  year,
 subject  to  any subsequent amendments or revisions, reduced by distrib-
 utions, to  the  extent  included  in  federal  adjusted  gross  income,
 received  from  an  individual  retirement  account [and], an individual
 retirement annuity, A DISTRIBUTION FROM  AN  ACCOUNT  ESTABLISHED  UNDER
 SECTION  401(K)  OR 403(B) OF THE UNITED STATES INTERNAL REVENUE CODE OF
 1986 AS AMENDED, OR A SIMPLIFIED EMPLOYEE PENSION PLAN (SEP) ESTABLISHED
 PURSUANT TO THE UNITED STATES INTERNAL REVENUE CODE OF 1986 AS  AMENDED;
 provided  that if no such return was filed for the applicable income tax
 year, "income" shall mean the adjusted gross income that would have been
 so reported if such a return had been filed.    Provided  further,  that
 effective  with  exemption applications for final assessment rolls to be
 completed in two thousand nineteen, where an income-eligibility determi-
 nation is wholly or partly based upon the income of one or more individ-
 uals who did not file a return for the applicable income tax year,  then
 in  order for the application to be considered complete, each such indi-
 vidual must file a statement with the department showing the  source  or
 sources of his or her income for that income tax year, and the amount or
 amounts  thereof,  that would have been reported on such a return if one
 had been filed. Such statement shall be filed at such time, and in  such
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00352-01-3
              

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