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NY A07094
Bill
Status
3/20/2009
Primary Sponsor
Robert Castelli
Click for details
AI Summary
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Establishes a new maximum residential real property tax credit for qualified taxpayers who have owned and occupied their residence for at least 5 years.
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Allows a credit equal to 70% of the amount by which net real property taxes exceed a maximum threshold based on household gross income, capped at $5,000 per year.
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Sets different income thresholds and maximum real property tax percentages for New York City and surrounding counties versus all other counties in the state, with thresholds indexed for inflation.
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Prohibits taxpayers from claiming both the new maximum real property tax credit and the existing real property tax circuit breaker credit in the same year.
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Reduces the credit by any rebate check received under section 178 of the Tax Law, and takes effect for taxable years commencing on or after January 1 of the year following enactment.
Legislative Description
Establishes a personal income tax credit for a portion of a taxpayer's residential real property taxes which exceeds a certain percentage of the taxpayer's household gross income; provides that the taxpayer shall have resided in such residential real property for not less than 5 years; provides that such credit shall not apply to taxpayers who have claimed the real property tax circuit breaker credit during the taxable year.
Last Action
held for consideration in ways and means
7/1/2010