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NY S00464
Bill
Status
1/7/2015
Primary Sponsor
Ruben Diaz
Click for details
AI Summary
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Amends the real property tax law to allow unreimbursed medical and prescription drug expenses to offset income when calculating tax abatements for senior citizens in rent-controlled and rent-regulated housing.
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Medical expense offsets apply only if a municipality's governing board adopts a local law, ordinance, or resolution after holding a public hearing to authorize such deductions.
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Applies to both section 467-b (rent-controlled properties) and section 467-c (rent-regulated properties) income definitions.
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Takes effect immediately, with the section 467-b amendment expiring on the same date as the underlying statute.
Legislative Description
Excludes expenditures for medical care not covered by insurance from the definition of "income" for the purpose of a real property tax abatement for rent-controlled and rent regulated property occupied by senior citizens.
Last Action
REFERRED TO AGING
1/6/2016