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NY A07665
Bill
Status
5/31/2023
Primary Sponsor
Alfred Taylor
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AI Summary
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Modifies income calculation rules for real property tax exemptions in cities with populations of one million or more by excluding individual retirement account and annuity distributions from "adjusted gross income" calculations.
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For existing exemption holders as of June 30, 2024, expands income definition to include social security benefits, retirement benefits, interest, dividends, capital gains, net rental income, and self-employment income, while excluding gifts, inheritances, and federal foster grandparent program earnings.
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Allows municipalities to offset income calculations by medical and prescription drug expenses if the governing board adopts a local law after a public hearing.
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Provides alternative income calculation methods for cities with one million or more residents that allow applicants to calculate income from all sources after tax deductions, with exclusions for certain benefit increases that do not exceed the annual consumer price index.
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Takes effect immediately and applies retroactively to May 3, 2023.
Legislative Description
Relates to income requirements for the senior citizen homeowners' exemption, the disabled homeowners' exemption, the tax abatement and exemption for rent regulated and rent controlled property occupied by senior citizens, and the tax abatement and exemption for rent regulated and rent controlled property occupied by persons with disabilities in a city having a population of one million persons or more.
Last Action
substituted by s7384a
6/7/2023