NY S07668

Eliminates the 20% income decrease threshold, allowing heads of household with current tax abatement certificates to apply for redetermination upon any permanent decrease in combined household income.

Requires redetermination to re-establish the ratio of adjusted rent to income that existed at the time of the original abatement approval, ensuring rent does not exceed one-third of household income (or the maximum shelter allowance for those receiving social services).

Applies changes to both state real property tax law (section 467-b) and New York City administrative code (section 26-605) for rent-controlled and rent-regulated properties.

Adds new provisions allowing renewal applicants experiencing income decreases to receive abatement certificates covering only the portion of rent increases that pushes rent above one-third of household income.

Takes effect immediately upon enactment.