NY A08308

Establishes the "Retire Strong" tax credit for resident individuals age 65 or older who own and primarily reside in New York real property for at least six months of the taxable year.

Allows a tax credit equal to 50 percent of qualifying real property taxes paid, with a maximum credit of $6,500 per year.

Limits eligibility to taxpayers with qualified gross income not exceeding $300,000, and excludes individuals claimed as dependents, non-residents, or those with wholly tax-exempt residences.

Defines qualifying real property taxes as taxes paid on the primary residence, net of any STAR credit claimed, and allows inclusion of prorated taxes for taxpayers who owned or rented multiple residences during the year.

Requires reduction of New York itemized deductions by the amount of the credit claimed for taxpayers who itemize deductions and claim real estate taxes on their federal return; effective for taxable years beginning January 1, 2024.