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NY S06807

Bill

Official Source

Status

Introduced

3/12/2014

Primary Sponsor

Martin Golden

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Increases the maximum allowable combined household income for senior citizens (age 62+) to qualify for residential property tax abatement to $35,000, effective July 1, 2014
  • Raises the income threshold for "eligible heads of household" under federally-insured mortgages from $29,000 to $35,000, also effective July 1, 2014
  • Allows local jurisdictions to set their own maximum income limits not to exceed the $35,000 threshold through local law, ordinance, or resolution
  • Permits income adjustment for recently retired household heads by excluding salary and projecting retirement income over the full tax year
  • Takes effect immediately upon enactment

Legislative Description

Increases the allowable maximum income of persons occupying rental units otherwise eligible for tax abatement to thirty-five thousand dollars.

Last Action

REFERRED TO AGING

3/12/2014

Committee Referrals

Aging3/12/2014

Full Bill Text

No bill text available