NY A07248

Amends the real property tax law to exclude annuity roll-over transfers from taxable income calculations for seniors applying for property tax exemptions.

Defines the exclusion as exchanges of annuities for annuity contracts that result in non-taxable gain under Section 1035 of the Internal Revenue Code.

Requires satisfactory proof that the annuity exchange was solely a non-taxable transfer under the applicable federal tax code section.

Takes effect immediately upon enactment.