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Who cares
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Sponsors
6 Co-sponsors
History
- Referred to real property taxation
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9375
Title of bill
An act to amend the real property tax law, in relation to including pension and retirement plans as plans eligible for income reduction when determining eligibility for the enhanced STAR exemption
Purpose or general idea of bill
This bill amends the Real Property Tax Law to conform the treatment of pension and retirement plan distributions to that of individual retire- ment account and individual retirement annuity distributions which are currently excluded from income for the purposes of eligibility for the enhanced STAR exemption.
Summary of specific provisions
Section one amends subparagraph (ii) of paragraph (b) of subdivision 4 of section 425 of the real property tax law, as amended by section 3 of part E of chapter 83 of the laws of 2002, by including up to twenty (20%) percent or five thousand ($5,000) dollars, whichever is greater, of distributions from pension and retirement plans to the list of types of distributions which are to be treated as reductions in "income" for purposes of eligibility for the enhanced STAR exemption.
Effects of present law which the bill will alter
This bill amends the real property tax law by conforming the treatment of pension and retirement plan distributions to that of individual retirement account and individual retirement annuity distributions which are currently excluded from income for the purposes of eligibility for the enhanced STAR exemption.
Justification
Under current law an applicant for enhanced STAR exemption must include all distributions from his or her pension and retirement plan in calcu- lating his or her income for purposes of determining whether he or she is eligible for the enhanced STAR exemption although similar distrib- utions from an applicant's individual retirement account and individual retirement annuity are excluded from the calculation of his or her income. This bill would correct the disparate treatment of similar distributions to seniors - a disparity that denies otherwise eligible seniors of the benefits of the enhanced STAR exemption, by allowing up to twenty (20%) percent or five thousand ($5,000) dollars, whichever is greater, of distributions from pension and retirement plans to the list of types of distributions which are to be treated as reductions in "income" for purposes of eligibility for the enhanced STAR exemption.
Prior legislative history
A9530 of 2003-2004 A6726 of 2004-2005
A6726 of 2005-2006 A3099/S1950 of 2007-2008 A3229 of 2009 (Bradley)
Fiscal implications for state and local governments
To be determined
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.