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NY S09785
Bill
Status
Passed
12/13/2024
Primary Sponsor
Cordell Cleare
Click for details
AI Summary
- Amends the real property tax law to change how income is assessed for real property tax exemptions in cities with a population of one million or more
- Replaces the requirement to use income from "immediately preceding the date of application" with "most recent income tax year or years for which data is sufficiently available to determine the applicant's eligibility"
- Applies the change to four sections of the real property tax law governing different exemption programs (sections 459-c, 467, 467-b, and 467-c)
- Maintains the definition of income as adjusted gross income from federal income tax returns, with distributions from individual retirement accounts excluded
- Takes effect immediately and is deemed effective retroactively to May 3, 2023
Legislative Description
Relates to assessments for certain real property tax exemptions to include years where there is sufficient data to determine an applicant's eligibility for exemptions.
Last Action
SIGNED CHAP.592
12/13/2024
Committee Referrals
Ways and Means6/4/2024
Rules6/4/2024
Aging5/30/2024
Full Bill Text
No bill text available