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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2039
Title of bill
An act to amend the private housing finance law, in relation to the definition of income
Summary
This bill would amend subdivision 29 of Section 2 of the Private Housing Finance Law to specifically provide that an individual's first $20,000 worth of Social Security and retirement benefits will not be included in the definition of "income".
Justification
The Federal Social Security Act amendments of 1983 provide that, for many retirees, a substantial portion of their social security benefits will be subject to federal income taxation for years beginning with 1984. These benefits have historically not been considered as "income", for purposes of the Private Housing Finance Law and should not be so treated now. This bill would ensure that these benefits will not be included in the computation of "annual income", which is used for determining eligibility and surcharges for Mitchell-Lama residents.
Existing law
None.
Fiscal implications
None to the State.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.