NY S04748

Increases the maximum allowable household income limit to $50,000 beginning July 1, 2016 for senior citizens (age 62+) and persons with disabilities seeking tax abatement on rent-regulated and rent-controlled properties, replacing the previous federal supplemental security income threshold.

Applies the same $50,000 maximum income limit beginning July 1, 2016 to property owners seeking exemptions under sections 467 and 459-c of the real property tax law, with income limits previously ranging from $26,000 to $29,000.

Eliminates the expiration date for sections one and two of the 2014 law (chapter 55) relating to senior citizen rent-regulated and rent-controlled property exemptions, making those provisions permanent rather than temporary.

Defines "person with a disability" to include individuals receiving SSDI, SSI, veterans' disability benefits, or medical assistance based on disability determination, with household income not exceeding $50,000 beginning July 1, 2016.

Takes effect immediately, except amendments to senior citizen provisions take effect upon reversion dates specified in prior law (section 17 of chapter 576 of 1974 and section 4 of chapter 129 of 2014).