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NY S05948

Bill

Official Source

Status

Introduced

3/23/2023

Primary Sponsor

James Skoufis

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Origin

Senate

2023-2024 General Assembly

AI Summary

  • Expands income thresholds for senior citizen and disabled property owner tax exemptions, increasing the base threshold from $3,000 to amounts up to $10,000 and $25,000 depending on exemption tier
  • Simplifies the exemption schedule by removing intermediate income brackets ($1,000, $2,000, $3,000, $3,900, $4,800, $5,700, $6,600, $7,500, $8,400) and consolidating them into broader income ranges
  • Removes the restriction limiting the highest income threshold to cities with a population of one million or more, making higher thresholds available statewide
  • Requires the state to reimburse municipalities for the difference between tax revenue abated under the new thresholds versus the prior thresholds for fiscal years after April 1, 2023
  • Takes effect immediately and applies to any local law, resolution, or ordinance amended or adopted after the bill's enactment

Legislative Description

Increases the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions; applies to any local law, resolution or ordinance amended or adopted on and after the effective date of this act.

Last Action

REFERRED TO AGING

1/3/2024

Committee Referrals

Aging3/23/2023

Full Bill Text

No bill text available