Loading chat...
NY S02944
Bill
Status
1/31/2019
Primary Sponsor
Toby Stavisky
Click for details
AI Summary
-
Changes the income threshold for senior citizens' rent increase exemption (SCRIE) eligibility from one-third to one-fourth of household combined income for rent-controlled and rent-regulated properties.
-
Applies the revised threshold to rental increase exemption calculations in municipalities with populations of one million or more.
-
Allows previously ineligible applicants whose exemptions expired to reapply in the following calendar year and receive retroactive tax abatement calculations based on the new one-fourth threshold.
-
Limits households to a maximum of three rent increase exemption orders calculated under the retroactive provision.
-
Takes effect immediately but expires when section 467-b of the real property tax law expires.
Legislative Description
Provides that the tax abatements for certain rent-controlled and rent-regulated property occupied by senior citizens commonly known as the senior citizens' rent increase exemption (SCRIE) shall be applicable where the rent constitutes more than one-fourth rather than one-third of the tenant's income.
Last Action
REFERRED TO AGING
1/8/2020