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NY A01941
Bill
Status
1/9/2013
Primary Sponsor
Sandra Galef
Click for details
AI Summary
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Establishes a new Maximum Residential Real Property Tax Credit allowing qualified taxpayers to claim a credit equal to 70% of the amount their net real property tax exceeds their maximum allowable property tax, capped at $5,000 per year.
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Defines qualified taxpayers as resident individuals who own and have resided in their residential real property for at least five years.
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Sets maximum allowable real property tax percentages based on household gross income and geographic location, with lower thresholds in NYC and surrounding counties (Nassau, Suffolk, Rockland, Westchester, Putnam, Orange, Dutchess) than in other counties.
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Indexes household gross income thresholds for inflation and includes detailed definitions of household gross income covering various types of benefits, pensions, and non-taxable income sources.
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Prohibits taxpayers from claiming both the new Maximum Residential Real Property Tax Credit and the existing Real Property Tax Circuit Breaker Credit in the same taxable year.
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
6/17/2014