S T A T E O F N E W Y O R K
________________________________________________________________________
2082
2025-2026 Regular Sessions
I N A S S E M B L Y
January 15, 2025
___________
Introduced by M. of A. ROSENTHAL -- read once and referred to the
Committee on Aging
AN ACT to amend the real property tax law, in relation to pension income
and tax abatement for rent-controlled and rent regulated property
occupied by senior citizens or persons with disabilities
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Clause (B) of subparagraph (ii) of paragraph c of subdivi-
sion 1 of section 467-b of the real property tax law, as amended by
chapter 276 of the laws of 2023, is amended to read as follows:
(B) provided, however, that income may be calculated as the income
from all sources after deduction of all income and social security taxes
and includes social security and retirement benefits, supplemental secu-
rity income and additional state payments, public assistance benefits,
interest, dividends, net rental income, salary or earnings, and net
income from self-employment, but shall not include gifts or inheritanc-
es, payments made to individuals because of their status as victims of
Nazi persecution, as defined in federal P.L. 103-286, or increases in
benefits accorded pursuant to the social security act or a public or
private pension paid to any member of the household [which increase, in
any given year, does not exceed the consumer price index (all items
United States city average)] for such year which take effect after the
date of eligibility of head of the household receiving benefits here-
under whether received by the head of the household or any other member
of the household, when the following conditions are met:
(1) a rent increase exemption order was granted to the head of house-
hold prior to July first, two thousand twenty-four;
(2) such rent increase exemption order is either renewed after each
benefit period or granted pursuant to paragraph (d) of subdivision two
of this section to account for a temporary increase in income;
(3) income calculated as described in this subparagraph would yield a
lower amount than income calculated as described in subparagraph (i) of
this paragraph; and
§ 2. This act shall take effect immediately.
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