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NY S02897
Bill
Status
1/26/2021
Primary Sponsor
Brian Kavanagh
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AI Summary
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Establishes automatic annual adjustments to income limits for four property tax exemption programs (SCRIE, DRIE, SCHE, and DHE) based on the regional consumer price index (CPI-U) for the New York area.
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Commissioner of the State Division of Housing and Community Renewal will increase maximum income thresholds on January 1st each year to reflect any CPI increases from the preceding twelve-month period.
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Applies CPI adjustments to current income limits set at $50,000 for disability-based programs and up to $50,000 for senior citizen programs in cities with populations over one million.
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Amendments to SCRIE and DRIE provisions expire in accordance with their original sunset dates under prior law (2014 legislation).
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Act takes effect immediately upon enactment.
Legislative Description
Provides for annual adjustment of the maximum income threshold for eligibility for the senior citizens' rent increase exemption (SCRIE), disability rent increase exemption (DRIE), senior citizen homeowners' exemption (SCHE), and disabled homeowners' exemption (DHE) by any increase in the consumer price index (CPI).
Last Action
REFERRED TO AGING
1/5/2022