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NY S03865
Bill
Status
2/20/2015
Primary Sponsor
Bill Perkins
Click for details
AI Summary
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Amends the real property tax law to require annual adjustment of income limits for the Senior Citizen Rent Increase Exemption (SCRIE) program, effective January 1st each year, based on the regional Consumer Price Index for All Urban Consumers (CPI-U) for the New York area.
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Establishes that the Commissioner of the State Division of Housing and Community Renewal shall increase the maximum income threshold to reflect any increase in the preceding 12-month CPI-U period.
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Applies the same CPI-based adjustment mechanism to the municipal property tax abatement program for rent-controlled and rent-regulated properties occupied by senior citizens (age 62 and older).
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Maintains current statutory income limits ($50,000 as of July 1, 2014 for SCRIE; $29,000 as of July 1, 2009 for municipal abatement) as the baseline for future adjustments.
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Takes effect immediately but does not affect the existing expiration dates of the SCRIE and municipal abatement provisions under prior law.
Legislative Description
Provides for annual adjustment by the commissioner of housing and community renewal of the maximum income threshold for eligibility for the senior citizens' rent increase exemption (SCRIE) and for the municipal property tax abatement for rent-controlled and rent regulated property occupied by senior citizens by any increase in the consumer price index (CPI).
Last Action
REFERRED TO AGING
1/6/2016