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NY S06746
Bill
Status
3/5/2014
Primary Sponsor
Diane Savino
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AI Summary
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Increases the maximum combined household income limit to $50,000 beginning July 1, 2014, for seniors aged 62 and older to qualify for tax abatement on rent-regulated and rent-controlled property (up from $29,000 as of July 1, 2009)
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Applies the $50,000 income threshold to both Section 467-b (tax abatement for dwelling units) and Section 467-c (exemption provisions) of the Real Property Tax Law
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Allows income adjustment for recently retired heads of household by excluding salary/earnings and projecting retirement income over the full tax year
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Takes effect immediately upon enactment, with amendments to Section 467-b expiring when that section itself expires
Legislative Description
Increases to $50,000 the annual income of a senior citizen's household for purposes of eligibility for the tax abatement and exemption for rent controlled or regulated property.
Last Action
REFERRED TO AGING
3/5/2014