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NY S04493
Bill
Status
2/16/2017
Primary Sponsor
Daniel Squadron
Click for details
AI Summary
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Amends the real property tax law to require automatic annual adjustments to income limits for the Senior Citizen Rent Increase Exemption (SCRIE) program, effective January 1 each year.
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Income threshold adjustments shall reflect increases in the regional Consumer Price Index for All Urban Consumers (CPI-U) for the New York, N.Y.-Northeastern, New Jersey area during the preceding twelve-month period.
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Applies the same automatic CPI-based adjustment mechanism to income eligibility limits for municipal property tax abatements on rent-controlled and rent-regulated properties occupied by senior citizens age 62 and older.
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Takes effect immediately, with amendments expiring on the same dates as the underlying SCRIE program provisions (section 4 of part U of chapter 55 of the laws of 2014).
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
2/16/2017