NY S00500

Amends the definition of "income" under real property tax law sections 467-b and 467-c to allow deduction of unreimbursed medical and prescription drug expenses when calculating income for senior citizen tax abatements on rent-controlled and rent-regulated properties.

Permits municipalities to adopt a local law, ordinance, or resolution after a public hearing to authorize the medical expense offset for qualifying seniors.

Applies to medical and prescription drug expenses that were actually paid and not covered by insurance or reimbursement.

Maintains existing income exclusions including gifts, inheritances, Nazi persecution victim payments, and Social Security increases not exceeding the consumer price index.

Takes effect immediately, with the amendment to section 467-b expiring on the same date as that section's current expiration.