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NY S06472
Bill
Status
3/14/2025
Primary Sponsor
Cordell Cleare
Click for details
AI Summary
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Expands allowable deductions from income calculations for senior citizen and disability rent tax abatements to include union dues and court-ordered support payments, in addition to existing income and social security tax deductions
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Modifies income calculation to include business earnings or losses and net capital gains or losses, providing a more comprehensive assessment of financial status
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Applies to tenants in rent-controlled and rent-regulated properties who received rent increase exemption orders prior to July 1, 2024
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Allows use of this alternative income calculation method only when it yields a lower amount than the standard calculation method
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Takes effect immediately upon passage
Legislative Description
Relates to the definition of income for tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities.
Last Action
REFERRED TO AGING
1/7/2026