Senate Bill S6473

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6473
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 14, 2025
                                ___________
 
 Introduced  by  Sen.  CLEARE -- 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 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.
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05818-01-5