NY A01103

Establishes a "Twenty-first century STAR" personal income tax credit capping net real property taxes on owner-occupied residential property based on household gross income, indexed to the Consumer Price Index.

Sets tiered caps on real property taxes as percentages of household gross income: 3% for incomes $50,000 or less, 5% for $50,001-$100,000, 6% for $100,001-$150,000, 7% for $150,001-$200,000, and no limitation for incomes over $200,000.

Makes any real property taxes exceeding the applicable cap refundable through a personal income tax credit claimed on Form IT-201 and limits eligibility to New York State residents for a primary residence.

Defines "homeowner" as a resident individual who has owned and lived in the residential property for at least five years, paid real property taxes, and is not claimed as a dependent on another's federal return.

Specifies that household gross income includes federal adjusted gross income, New York State additions, support money, workers' compensation, pensions, Social Security, and other enumerated income sources, but excludes food stamps, Medicaid, scholarships, and certain veteran and Holocaust victim payments.