NY A00687

Establishes a "Twenty-first century STAR" personal income tax credit capping net real property taxes on owner-occupied residential real property based on household gross income percentages: 3% for income ≤$50,000; 5% for $50,001-$100,000; 6% for $100,001-$150,000; 7% for $150,001-$200,000; and no cap for income >$200,000.

Caps are indexed to the Consumer Price Index and any real property taxes paid above the cap are returned to the taxpayer as a refundable personal income tax credit claimed on Form IT-201.

Credit is limited to New York State residents claiming a primary residence who have owned and occupied the property for at least five years, are not claimed as dependents, and whose residence is not completely tax-exempt.

Defines household gross income to include federal adjusted gross income, New York State additions, support money, Social Security, workers' compensation, pensions, and various other income sources while excluding food stamps, Medicare, Medicaid, and scholarships.

Applies to tax years beginning in 2008 and thereafter, with effect immediately upon enactment.