S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4672
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2025
                                ___________
 
 Introduced  by  M.  of A. EACHUS, BURDICK, STERN, 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] TWEN-
 TY-SIX, a qualified 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
 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.
                                                            LBD07844-01-5
              

 A. 4672                             2
 
   (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, 2026.