NY A05985

Amends the definition of "annual income" in the private housing finance law to exclude social security and retirement benefits received up to $20,000 from taxable income calculations.

Allows taxpayers to deduct personal exemptions, medical expense deductions, and the first $20,000 of social security and retirement benefits when determining income for housing finance purposes.

Maintains existing federal old age, survivors, and disability insurance benefits as non-income for articles two, four, and eleven of the private housing finance law.

Applies the revised income definition to articles two, four, eight, and eleven of the private housing finance law in computing "probable aggregate annual income."

Takes effect 30 days after becoming law.