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NY A00877
Bill
Status
1/5/2011
Primary Sponsor
Sandra Galef
Click for details
AI Summary
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Creates a new maximum residential real property tax credit allowing qualified taxpayers to claim 70% of their net real property tax that exceeds a maximum threshold, capped at $5,000 per year.
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Defines qualified taxpayers as New York residents who own and have occupied their residential property for at least 5 years.
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Establishes income-based maximum property tax thresholds that vary by region: in NYC and seven suburban counties, thresholds range from 6-8% of household gross income based on income levels up to $250,000; in other counties, thresholds are lower starting at $90,000 household income.
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Allows taxpayers not required to file returns to receive the full credit amount as an overpayment without interest.
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Prohibits taxpayers from claiming both this credit and the existing real property tax circuit breaker credit in the same taxable year; indexes income thresholds for inflation.
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
6/19/2012