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NY A04979
Bill
Status
2/10/2025
Primary Sponsor
Albert Stirpe
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AI Summary
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Expands the definition of "income" for Enhanced STAR school tax relief exemption eligibility by excluding additional retirement account distributions from the income calculation
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Adds distributions from 401(k) accounts, 403(b) accounts, and Simplified Employee Pension (SEP) plans to the list of retirement income that can be deducted when determining eligibility, joining existing exclusions for IRAs and individual retirement annuities
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Allows seniors to reduce their calculated income by these retirement distributions to the extent they were included in federal adjusted gross income, potentially qualifying more seniors for the Enhanced STAR exemption
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Takes effect on January 1 following enactment
Legislative Description
Relates to the term "income" for purposes of the school tax relief exemption; adds 401(k) and 403(b) accounts to the list of eligible income deductions when determining Enhanced STAR eligibility.
Last Action
referred to real property taxation
1/7/2026