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NY S00177
Bill
Status
1/7/2015
Primary Sponsor
Ruben Diaz
Click for details
AI Summary
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Authorizes cities, towns, and villages to adopt local laws providing tax abatements on rental properties where the head of household is age 62 or older and household income does not exceed $70,000 per year.
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Tax abatement amount limited to the portion of rent increase that causes maximum rent to exceed one-half of the combined household income.
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Abatement applies only when rent exceeds 50% of household income, providing relief for senior citizens experiencing housing cost burden.
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For households headed by persons with disabilities, no tax abatement shall be granted regardless of income level (per subdivision 5 requirements).
Legislative Description
Provides additional rent protection for senior citizens whose household income does not exceed $70,000 in cases where their rent is more than one-half of their income.
Last Action
PRINT NUMBER 177A
1/20/2016