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NY S04346

Bill

Official Source

Status

Introduced

3/21/2013

Primary Sponsor

Philip Boyle

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Removes social security income from the calculation of total income when determining eligibility for the real property tax exemption for persons 65 years of age or older
  • Social security is explicitly excluded from income computations, while other income sources including retirement benefits, interest, dividends, rental income, and self-employment income remain included
  • Applies to assessment rolls prepared on or after the effective date, which is January 2nd of the year following enactment
  • Does not affect other existing income exclusions such as reverse mortgage proceeds, veterans disability compensation, gifts, inheritances, and foster grandparent program earnings

Legislative Description

Excludes social security income in computing eligibility for the tax exemption granted to persons 65 years of age or older.

Last Action

REFERRED TO AGING

1/8/2014

Committee Referrals

Aging3/21/2013

Full Bill Text

No bill text available