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NY S07384
Bill
Status
7/28/2023
Primary Sponsor
Liz Krueger
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AI Summary
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Amends real property tax law to modify income calculations for senior citizen and disabled homeowners' exemptions in cities with populations of one million or more persons.
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Changes income definition to use federal adjusted gross income minus individual retirement account distributions, with option to include additional income sources (social security, rental income, capital gains) for owners receiving exemptions before June 30, 2024 who would receive greater exemptions after June 30, 2025.
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Allows municipalities to adopt local laws permitting deduction of medical and prescription drug expenses from income, and excludes gifts, inheritances, foster grandparent program earnings, Nazi persecution reparations, and reverse mortgage proceeds from income calculations.
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For rent-regulated properties in cities with one million or more residents, permits household income calculation using combined adjusted gross income of all household members, with option for alternative calculation method that yields lower income amounts for certain existing exemption holders.
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Takes effect immediately and is retroactively effective as of 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
SIGNED CHAP.276
7/28/2023