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NY S02271
Bill
Status
1/18/2011
Primary Sponsor
Carl Kruger
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AI Summary
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Establishes a combined household income limit of $4,000 (up to $24,000 as set by local law) for senior citizens to qualify for tax abatements on rent-controlled and rent-regulated properties.
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Allows income limits to automatically adjust annually after 2012 based on the cost of living adjustment using the Consumer Price Index for the New York-New Jersey-Connecticut region published by the U.S. Department of Labor.
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Requires the State Department of Labor to notify municipalities by August 31st each year of the Consumer Price Index used to calculate income adjustments.
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Permits income adjustment for household heads who retire during the year by excluding salary and earnings while projecting retirement income for the full year.
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Takes effect immediately, with the amendments expiring and reverting according to the expiration schedule of the underlying tax abatement provisions.
Legislative Description
Changes the formula for determining the combined household income limit for eligibility for a tax abatement for rent controlled and rent regulated property occupied by senior citizens; defines "consumer price index" and "cost of living adjustment".
Last Action
REFERRED TO AGING
1/18/2011