Loading chat...
NY A10575
Bill
Status
3/13/2026
Primary Sponsor
Alicia Hyndman
Click for details
AI Summary
-
Creates a "middle class circuit breaker tax credit" providing a refundable credit equal to 70% of the amount by which a taxpayer's property taxes (or rent-based equivalent) exceed their maximum allowable property tax burden based on income
-
Limits eligibility to New York resident homeowners or renters who have lived in their residence for at least 5 years, with household gross income thresholds phasing in from $100,000 (2028) up to $250,000 (2031 and after)
-
Sets maximum property tax burden as a percentage of household income, decreasing over time from 9% in 2028 to 6% in 2031 for incomes up to $100,000, with higher percentages for higher income tiers
-
Calculates renters' property tax equivalent as 15% of rent paid in 2028, increasing to 20% for 2028 and thereafter, to determine their credit eligibility
-
Establishes a 15-member tax reform study commission to recommend long-term state and local tax reforms, with a report due by January 1, 2030, focusing on income definitions used in property tax relief programs
Legislative Description
Creates the middle class circuit breaker tax credit allowing a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax; establishes a tax reform study commission.
Last Action
referred to ways and means
3/13/2026