NY S04732

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

Requires that annuity exchanges must result in non-taxable gain under Internal Revenue Code Section 1035 and must be supported by satisfactory proof of the non-taxable transfer.

Applies to income determinations for seniors seeking property tax exemptions, where income thresholds range from $3,000 to $29,000 depending on local law.

Takes effect immediately upon enactment.