NY A01603

Amends the real property tax law to exclude annuity roll-over transfers from taxable income calculations for senior property tax exemption eligibility.

Excludes exchanges of annuity contracts that result in non-taxable gain under Internal Revenue Code Section 1035 from being counted as income.

Requires satisfactory proof that the annuity exchange was solely a non-taxable transfer under federal tax code to qualify for the exclusion.

Takes effect immediately upon enactment.