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NY S06645

Bill

Official Source

Status

Introduced

2/21/2014

Primary Sponsor

Brad Hoylman-Sigal

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Increases the maximum allowable income limit for property tax exemption qualification from $29,000 to $32,000 beginning July 1, 2014
  • Establishes automatic biennial adjustments to the income limit beginning July 1, 2016 and every two years thereafter, based on the Consumer Price Index for All Urban Consumers (CPI-U) rounded to the nearest $1,000
  • Maintains existing income definitions and exclusions, including social security benefits, reverse mortgage proceeds, and veterans disability compensation
  • Allows municipalities to adopt local laws permitting deduction of unreimbursed medical and prescription drug expenses from qualifying income

Legislative Description

Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions.

Last Action

REFERRED TO AGING

2/21/2014

Committee Referrals

Aging2/21/2014

Full Bill Text

No bill text available