NY S05226

Changes the income threshold for senior citizens' rent increase exemption (SCRIE) eligibility from one-third to one-fourth of household combined income in cities with population over one million.

Applies the new one-fourth threshold to determinations of rent increase exemption eligibility and tax abatement calculations for both initial applications and renewal applications.

Allows previously ineligible applicants whose exemptions expired to reapply in the following calendar year and receive retroactive abatement calculations as if their prior exemption had not expired, with a maximum of three such orders per household.

Exempts existing rent increase exemption orders in effect as of January 1, 2015, or taking effect by July 1, 2015, from application of the new one-fourth threshold.

Takes effect immediately, with amendments expiring when section 467-b of the real property tax law expires.