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NY A01257
Bill
Status
1/13/2023
Primary Sponsor
Albert Stirpe
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AI Summary
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Expands the definition of "income" for school tax relief (STAR) exemption purposes to exclude distributions from 401(k) accounts, 403(b) accounts, and simplified employee pension plans (SEP), in addition to existing individual retirement account and annuity distributions.
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Allows applicants to reduce their adjusted gross income by these retirement account distributions when determining eligibility for the STAR exemption.
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Requires individuals who did not file a tax return for the applicable year to submit a statement to the Department of Taxation and Finance documenting their income sources and amounts.
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Directs the Department of Taxation and Finance to create forms and instructions for filing the required income statements and subjects these statements to the same confidentiality protections as tax returns.
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Takes effect on January 1st following enactment.
Legislative Description
Relates to the term "income" for purposes of the school tax relief exemption; adds 401(k) and 403(b) accounts to the list of eligible income deductions when determining Enhanced STAR eligibility.
Last Action
referred to real property taxation
1/3/2024