NY S07640

Replaces the variable income threshold for tax abatements on rent-regulated and rent-controlled properties (previously tied to federal supplemental security income limits) with a fixed income limit of $50,000 per year for all household members, effective July 1, 2014.

Applies the $50,000 income threshold to determine eligibility for tax abatements for dwelling units where the head of household qualifies as a person with a disability.

Defines "person with a disability" to include individuals receiving SSDI, SSI, or VA disability benefits, as well as those previously eligible for disability benefits who currently receive medical assistance based on disability determination.

Allows local governments to adopt local laws, ordinances, or resolutions to provide the $50,000 income threshold or potentially different thresholds.

Expires July 1, 2016, with provisions reverting to prior law on that date unless extended.